Editorial Simplified : 24th Day of June 2016
This Series of posts covers the essential Editorial from prominent newspapers. The Editorial from the newspapers are compiled by the Subject Teachers form the Academy and provided in notes format so that the aspirants does not waste their precious time in sifting through the newspapers.
The aspirants are advised to bookmark this page for future reference
Click on the tab below to read the Editorial Simplified for each newspaper
Editorial : A stitch in time
The editorial studies the recent incentives by Central government to the textile sector.
Why the incentives
- Textile sector economy’s largest employment generator outside agriculture was steadily ceding ground to competition from countries like Bangladesh, Vietnam etc.
- Also, the World Bank noted the fall in Chinese apparel exports due to rising wages in China, thus a great opportunity in the textile arena for other countries like India.
What has been done
- The measures taken aim at streamlining labour norms and offering tax breaks.
- Rs 6000 crore have been earmarked for the package.
- Rs 5500 crore would be used to for providing additional 5% duty drawbacks for garments.
- Rs 500 crore would be used for technology upgradation fund.
- A worker now hired for fixed term will be treated at par with permanent employee.
- Vietnam apparel exporters will gain substantially from Trans-Pacific Partnership to which it is a signatory.
- Bangladesh enjoys preferential treatment due to status as one of the Least Developed Countries.
- Given these facts the measure to bolster India’s textile industry have come just in time.
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