INDIA: Budget shatter hopes of textile industry

NEW DELHI: The hope of relief package for textile industry from the Budget has been shattered, as the highly labour intensive textile industry has been overlooked in the Budget.
 
The Southern India Mills' Association has strongly reacted after the reading of the Budget in the Assembly by the Finance Minister.

SIMA Chairman Dr K V Srinivasan commented that they were expecting a relief package to overcome recession faced by textile industry following sudden appreciation of Rupee against USD, high bank interests and high cotton prices.

The domestic textile industry is seen as a major responsibility-taking segment in the growth of the country.

He further clarified that the earmarking of Rs.450 crore for setting up Integrated Textile Park and Rs.1090 crore for Technology Upgradation Fund Scheme (TUFS) was only a "routine" announcement as both had already been extended funds under the 11th plan.

While expressing regret, he added that the efforts put in by the industry as well as the government during the last couple of years to make the industry globally competitive, achieve the targeted growth rate investments and creation of new employment for over 15 million people, have gone in vain and the budget has "totally ignored" the textile industry.

The current budget has also not considered the recommendations of various work groups of Texsumit-07, a national conclave organised by textile ministry, wherein the Prime Minister had participated and promised to take necessary steps to sustain the competitiveness of the Indian textile industry in the globalised arena.


Send your News/Releases for publication to [email protected]
Added: March 1, 2008 Source: Agencies.
Start script - 1542232905.5214 Start news id check - 1542232905.5214 After news id check - 1542232905.5217 After cookie_code - 1542232906.9185 Before news detail - 1542232906.9185 After news detail - 1542232906.9196 Start cat select - 1542232906.9197 After cat select - 1542232906.9199 before preg replace - 1542232906.9199 After preg replace - 1542232906.92 Before tag engine - 1542232906.92 After tag engine - 1542232906.9247 Before mptt engine - 1542232906.9247 After mptt engine - 1542232906.9247 Before related engine - 1542232906.9247 After related engine - 1542232906.925 Before update hits - 1542232906.925 After update hits - 1542232906.9252 After update news_hits - 1542232906.9278 After mem_only_views - 1542232906.9278 -------------------------------------------------- Total Exec time:- 1.4064998626709
AddThis Social Bookmark Button   Tell a friendBookmark AddThis Feed Button
Related News:

Website design by InWiz • © - 2000-2018. Internet Wizards All rights reserved. About usTerms & ConditionsDisclaimerPrivacy policy • 14-11-2018