Quick Summary
In a landmark meeting, the Clothing Manufacturers Association of India (CMAI), along with 14 prominent garment trade associations across India, joined forces under the banner of "One Industry, One Voice" to address pressing challenges facing the garment sector. The associations unanimously resolved to urge the Group of Ministers (GoM) to abandon its proposal to revise GST rates in the garment sector and retain the current structure of 5% and 12%. Unified Opposition to GST Rate Revision The
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FAQ :
The associations believe that revising GST rates could destabilise the sector by disrupting manufacturing, causing pricing instability, weakening consumer demand, and potentially leading to job losses among the 39 million people employed in the industry.
It is a collective effort by the Clothing Manufacturers Association of India (CMAI) and 14 other prominent garment trade associations to present a unified front and address critical issues facing the Indian garment sector.
The recommendations include introducing a sector-specific PLI scheme, protecting MSMEs in insolvency proceedings, rectifying Section 43B(h) of the Income Tax Act, providing interest subsidies for the domestic garment sector, and abandoning GST rate revisions.
A dedicated PLI scheme tailored for garment manufacturers would encourage broader participation and growth, as the existing textile industry PLI framework doesn't align with the investment capacities and operational scale of garment businesses.
The Indian apparel industry is valued at Rs 5.4 lakh crore, is a cornerstone of the economy, provides employment to millions, and contributes significantly to the GDP.
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