INDIAN CLOTHING SECTOR WELCOMES LABOUR AND FINANCIAL REFORMS
June 1st, 2016
Indian garment exporters have widely welcomed a series of financial and labour reforms announced by the government on Wednesday (22 June) designed to make their industry more efficient, although it is being resisted by unions. The cabinet has earmarked additional funding of USD880 million for a duty drawback scheme and to also refund state government levies paid by the garment exporters. It has also increased subsidies provided to garment manufacturing units, under an amended Technology Upgradation Fund Scheme (TUFS), from covering 15% of costs to 25%.
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