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.


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Added: March 1, 2008 Source: Agencies.
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