Tamil Nadu - Coimbatore   

Textile industry hails relief package

COIMBATORE: Textile industrial associations, Confederation of Indian Textile Industry (CITI) and the Cotton Textiles Export Promotion Council (Texprocil), have welcomed the relief measures announced by the Union Government recently for the sector. They also sought a two-year moratorium for repayment of the principal amount against term loans taken by textile units.

In a release, the CITI chairman R. K. Dalmia said the package announced by the Government had provided some relief to the textile and clothing sector. “The Government has travelled only half the distance in meeting the requirements of the industry.” The package did not address the problems on the cotton front. The Government should provide working capital for purchase and storing of cotton at seven per cent, as applicable to agriculture, to textile units. Another demand of the industry not met in the package was the restoration of the duty drawback rates. V.S. Velayutham, chairman of the Texprocil said the package met most of the demands of the association. The Government should consider increasing the duty drawback and duty entitlement passbook scheme. China, the largest textile exporter, was supporting the sector in a big way and had increased export tax rebates from 14 per cent to 17 per cent with effect from November 21. This was to reduce the impact of the global economic slowdown. The Reserve Bank of India, in its growth stimulus package announced on December 6, had a reference to the two year moratorium for loans for loans taken by the units. The apex bank should clarify the matter and give details, he said.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Airtel launches pay-by-phone facility
Education loan camps at Coimbatore, Pollachi and Tirupur
IAF selection for Group X trades
Karpagam University to interact with industry
Industry-institute meet
Seminar on physics
Engagements - Pollachi
Modernised textile unit opened at central prison
Central prison gets modern mill
District jails soon at all police range headquarters, says DGP
‘Create awareness on human rights’
Textile industry hails relief package
List of unauthorised buildings on Corporation website soon
Golden handshake worries workers
Held for fatal assault

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu