- According to Cotton Textile Export Promotion Council(Texprocil),exports of cotton textiles to China has been on the rise.
- Texprocil has said that the robust export of cotton textiles to China has helped India reduce its trade deficit with China.It said that the recent government move to refund all State and Central taxes on textile exports boosted shipments to major consuming countries.
- Further,it said that higher exports of cotton textiles will not only help reduce the trade imbalance but also attract investments from the labour-intensive industries shifting out of China.
- However,export of cotton textiles could increase further if the tariff disadvantage of 3.5% to 10% suffered by India in comparison with Vietnam,Pakistan and Indonesia on textile products was addressed by the government.
- Texprocil was incorporated in 1954 as an autonomous,nonprofit body dedicated to the export promotion of cotton textiles.It makes suggestions for strengthening the export efforts and also to provide data for monitoring exports.
