India plans subsidies, tax sops to boost synthetic yarn manufacturing

News Snapshot:

A global leader in the 1990s, India's textile sector, which employs nearly 50 million, has been struggling for a while now. It grapples with limited capabilities for synthetic yarns, a market currently dominated by China, and for which global demand has been steadily rising. India's share in the global synthetic textile market is a modest 5-6%. This has led to increased dependence on Chinese imports, a decline in Indian textile exports, and a loss of market share for the domestic industry. To address these issues, the government is considering measures to boost domestic production capabilities of synthetic yarns by offering...