By IANS
New Delhi : Exporters can now expect some relief and emerge more competitive in global markets as Commerce and Industry Minister Kamal Nath Friday asked states to refund various taxes levied on them.
“I urge you (exporters) to depend on the state levies. All state levies and taxes must be refunded,” the minister told a seminar while inaugurating a two-day textile summit called ‘Tex Summit 2007’ organised by the Textile Ministry.
Adding that the Indian textiles industry needs to be more globalised and competitive the minister said: “India’s textile industry is among the largest in the world but somewhere we are not being able to catch the pace. Bangladesh, Cambodia, Central American countries have all emerged as potential competitors.”
“To reach a target of 10 percent of global trade, which I believe is quite achievable, we need to look at our large domestic market by focusing on our inherent strengths,” Kamal Nath added.
“As India engages itself in the world market, we need to focus on our growth and build a brand for ourselves. Of course, the government would also ensure your protection under the WTO (World Trade Organisation) framework.”
The textile sector in India is the second largest provider of employment after agriculture. The industry is currently growing at a rate of 16 percent, including an export growth of 22 percent and it is also expected to provide direct employment to over 35 million people by 2010.