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Textile sector warns govt of full shutdown after Eid festival
10
Aug '11
The Bangladeshi textile sector has warned off a full shutdown of all the mills after the Eid-ul-Fitr festival, in case the government does not come forward and take initiatives to help the industry overcome the present crisis situation.

This was announced at a press conference by the apex body of the textile sector - Bangladesh Textile Mills Association (BTMA). According to BTMA, around 50 percent of the spindleage is non-operative and after the festival, the rest would also shutdown.

BTMA among many demands has asked for raising the cash incentives from the current 5 percent to 15 percent and demanded its continuation up to 2015. It also urged the government to initiate measures to encourage use of local fabric and yarn.

It has also demanded bringing down bank interest rates to single digits, exempting imports of polyester and viscose fibre and acrylic toe from payment of duty and converting deficit working capital of the textile mills in to term-loans without charging interest.

Fibre2fashion News Desk - India

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