Ministry mulls steps to revive textile sector

Industry seeks working capital at 4 per cent interest subvention to purchase cotton

June 28, 2013 11:36 pm | Updated 11:36 pm IST - COIMBATORE:

The Union Ministry of Textiles is considering a series of measures that will revive the industry and increase production. Union Textile Minister K. S. Rao told presspersons here, after meeting stakeholders of the textile industry, that textile production in the country was to the tune of $85 billion and textile exports were about $35 billion.

At the meeting here, industry representatives expressed their problems and suggested measures that would enable them to overcome the difficulties they faced.

For instance, every segment of the textile value chain said that they were affected by power shortages. They also sought stability in cotton and cotton yarn prices. The units would be able to increase production and exports if they were given assistance (capital investment subsidy) to go in for solar projects.

They could also be supported to set up dedicated power plant for the textile industry in Tamil Nadu. Similarly, the units also sought working capital at four per cent interest subvention to purchase cotton at the beginning of the cotton season, the Minister said.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.