According to leading players in the textile sector, the Goods and Services Tax (GST) will make the textiles industry more competitive and help in exponential growth in the country.
Industry veterans hailed the new tax regime, to be rolled out on July 1.
Gautam Singhania, CMD, Raymonds Group, said, "I would like to congratulate our honourable prime minister and entire Government of India for introducing the biggest transformational tax reform in India, the GST."
Singhania was among a host of industry leaders from the textile sector from both domestic and global companies who were invited for the Textiles India 2017 seminar organised at Mahatma Mandir in Gandhinagar.
He said, "(The GST) would create a seamless and inclusive business environment and will enable exponential growth in the country."
Sanjay Lalbhai, Chairman, Arvind Ltd, the Ahmedabad-based textiles major, also praised the GST at the event.
Lalbhai said, "Implementation of the GST is a historical and bold decision of the present government. It will bring transparency in the industry. The GST will help informal sector of the textile industry."
He added, "This move will push Indian textile Industry to be more competitive and help it to compete with China in the global market."
K M Birla, Chairman, Aditya Birla Group called for research and development in textiles.
He said, "We must step up rigour in skill development to deliver world-class productivity. We must also increase our investment in state-of-the-art research and development."
These industry leaders were speaking at the inaugural session of the conference, a maiden collaborative effort of 24 Export Promotion Councils working under the Ministry of Textiles and with the trade body CII as industry partner.