Cabinet approves India- Australia MoU on cooperation in the textiles

Cabinet approves India- Australia MoU on cooperation in the textiles

Question: Powertex scheme is related to…
(a) Powerloom sector development.
(b) Development of government Printing Press.
(c) Development of alternative sources of Energy.
(d) Modification in taxation system to avoid tax evasion.
Ans: (a)

  • On June 22, 2017, the Union Cabinet chaired by Prime Minister Narendra Modi approved the Memorandum of Understanding (MoU) on cooperation in the textiles, clothing and fashion sectors between the Ministry of Textiles government of India and the Department of Foreign Affairs and Trade, Australia.
  • The MoU will facilitate cooperation in textiles and fashion sectors that may benefit to the participants.
  • The participants will jointly identify appropriate measures to connect the Australian and Indian textile and fashion sectors; promote collaboration and international engagement between those sectors.
  • The MoU will include nurturing talents, promoting economic opportunities and encourage professional engagement, training, skill development and public exhibition of products derived from these sectors in the two countries.
  • However, Intellectual Property Rights of either side will stand protected.
  • The weavers including ancillary workers will be benefited from activities to be taken under MOU.
  • For overall development of handloom sector, the initiative aims to increase the handloom fabric production so that weavers are able to get continuous
  • employment and improve their living standards.
  • Notably,Powertex Scheme has been launched for powerloom sector
  • development with objective
    (a) To provide financial assistance to economically weaker low-end powerloom units, for upgrading existing plain looms to semi-automatic/shuttleless looms by way of fixing certain additional attachments/kits.
    (b) To improve quality and productivity of the fabrics being produced and enable them to face the competition in domestic and international markets.

Reference:
http://texmin.nic.in/sites/default/files/PowerTex%20India%20Brochure%20English.pdf
http://pib.nic.in/newsite/PrintRelease.aspx?relid=165836