MUMBAI: Indo American Chamber of Commerce (IACC), Textile Forum along with Textile Association of India(TAI) is organizing seminar on “Indo US partnership in Textiles & Implications of GST” on 18th May at Garware Club House, Hall No 4, Wankhede Stadium D Road, Churchgate, Mumbai.
The objective of organizing this seminar is to create a platform by inviting stakeholders to deliberate on opportunities and challenges in bilateral trade between India & US in textiles and provides insights on GST. There is an urge among the textile industry associations to understand the implications of GST in managing input tax credit.
India’s textiles sector is one of the oldest industries in Indian economy dating back several centuries.
Even today, textiles sector is one of the largest contributors to India’s export earnings with approximately 13 per cent and contributes 10% of the Country’s manufacturing production, 5% of India’s GDP, says a release. The textiles industry is one of the largest employers. IACC vision is to create a road map in taking Indo US trade to $500 billion and textiles can be one of the most promising sector in contributing towards economic & social growth between both the nations. India’s share would be around 48% of total textile and apparel exports and USA being largest market for India making up for 18% of India’s overall textile and apparel exports. Indo Count and Kotak Commodities are supporting organisations of the seminar.