MEA steps in to help domestic companies on foreign trade |
External Affairs Ministry of India has stepped up efforts to help the domestic industry facing trade-related challenges, including non-compliance of treaties by certain countries. The domestic market also holds enormous potential for textiles industry. Union Textile Minister Smriti Irani has brought to notice of the External Affairs Ministry, certain issues that the industry has raised, with regards to challenges and non-compliance of treaties, by some nations. Thegovernment of India recognizes the need to have a World Traded Org. -compliant structure, where the industry can be supported by it. On complaints regarding non-implementation of some decisions taken by the GST Council, she sought a paper from the industry so that the matter could be formally taken up with the Indian Ministry of Finance. The minister added the textiles industry, for too long, has been focusing on exports. The domestic market has huge potential and the retail segment could be helped by new managerial skills.
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