Performance of textiles industry better, says SIMA chairman

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The performance of the textiles industry during the financial year 2017-18 has been slightly better than last year, said the chairman of Southern India Mills Association (SIMA) and managing director of KPR Mill, P Nataraj. In his address after being re-elected as chairman of SIMA at its 59th annual general body meeting, Nataraj said yarn and cloth production increased to 5,676 million kg and 66,524 million square metre as against 5,667 million kg and 63,482 million square metres. Though affected by demonetisation and goods and services tax (GST), the economy was back to normal now, indicating steady growth, he said.

Major policy initiatives that could address the GST- related issues were reduction of the tax on man-made filament and spun yarn from 18 to 12 percent as well as inclusion of all textile job work under a GST of five percent, he said. “Though major demands in respect to the GST have been addressed, we still have some issues that are yet to be addressed”, he added. Earlier, the annual general body meeting of SIMA unanimously re-elected office-bearers for the second term for the period 2018-2019. Managing director of SCM Textile Spinners, K Vinayakam is deputy chairman of the association and chairman and managing director of Precot Meridien, Ashwin Chandran is vice-chairman.

Read More at: https://www.moneycontrol.com/news/business/performance-of-textiles-industry-better-says-sima-chairman-2931161.html