India News | Reduced GST Rates on Pashmina Increased Business Potential for Artisan Entrepreneurs: Jitendra Singh
Get latest articles and stories on India at LatestLY. Singh's statement came as he visited the two-day "The Splendour of Kashmir" exhibition organised at the national capital with the support of FICCI-FLO.
New Delhi [India], October 14 (ANI): Days after the Central government announced a reduction of Goods and Services Taxes (GST) on Pashmina products to 5 per cent, Union Minister Jitendra Singh on Tuesday said the decision has increased the business potential for artisans and entrepreneurs.
Singh's statement came as he visited the two-day "The Splendour of Kashmir" exhibition organised in the national capital with the support of FICCI-FLO.
"Prime Minister Narendra Modi government's decision to reduce GST on Pashmina products to 5 per cent had not only boosted a very important and historic traditional handicraft of Jammu and Kashmir, but also increased the business potential for artisans and entrepreneurs," Singh said
The Minister further said that the decision to reduce GST tax has exposed the new generation and the youngsters to the versatile grandeur and beauty of Pashmina and at the same time, encouraged new entrepreneurs to take to this vocation.
When the minister asked the founder and curator of "The Splendour of Kashmir", Varuna Anand, about the difference after the reduced GST rates came into effect from September 22, he was told that within a short span of just about three weeks, the sales had gone up multiple times.
Lauding Varuna Anand and her team for this successful venture, Singh observed that this was one of the finest examples of women-led entrepreneurship and noted that while on PM Modi's call from the Red Fort, the number of StartUps in the country had gone up from around 350 to over 1.7 lakh, what is significant is that large numbers of these are women-led and many from Tier 2 and 3 cities. Interacting with the founder, Varuna Anand, the Minister appreciated the intricate craftsmanship and the months of dedicated labour that go into making a single Pashmina shawl.
He was briefed about the entire process, from the delicate hand-spinning of fine Pashmina yarn to the detailed embroidery that reflects the cultural heritage of Kashmir. Varuna Anand highlighted that the recent reduction in GST on handmade shawls, from the earlier 12-22 per cent slab to 5 per cent, has given a significant boost to the traditional handicraft sector, enabling artisans to reach wider markets and enhance their livelihoods. Singh commended the initiative for not only preserving India's timeless craft traditions but also providing a platform for women entrepreneurs. "This also reflects the growing contribution of women in shaping India's innovation and economic landscape," said the Minister.
Pashmina is a special type of fine Kashmir wool derived from the undercoat of the Changthangi goat, native to high altitudes (above 15,000 feet) in Ladakh, Jammu and Kashmir, India. The wool fibres are extremely fine, measuring between 12 and 16 microns, which is thinner than human hair, giving Pashmina its exceptional softness, warmth, and lightweight properties. (ANI)
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