Home / Knowledge / News / Textiles / Difficult times will pass soon - Textiles Ministry
Difficult times will pass soon - Textiles Ministry
12
Oct '11
The Union Minister of Commerce, Industry and Textiles Shri Anand Sharma has directed the Ministry of Textiles to formulate a restructuring program for the textiles industry in consultation with Ministry of Finance and Reserve Bank of India.

“The restructuring program could address issues like moratorium on repayment of TUFS loans, packing credit in foreign currency to be made available by banks, working capital assistance and interest subvention on export of textiles and clothing”.

The meeting was part of structured dialogue that the Minister has initiated with the industry.

Shri Sharma outlined a number of proactive steps taken by the Government to address the industry slowdown. They include restoration of DEPB on cotton yarn with effect from April 2011, placing cotton exports on OGL without quantitative restrictions, simplification of the registration procedures for cotton and cotton yarn, financial package for handloom weavers, enhanced allocations for TUFS and sanction of new textiles parks.

The meeting was attended by representatives of all the major bodies like CITI, CAI, SRTEPC, CMAI, TEXPROCIL, CEPC, EPCH, ISEPC and many others. Secretary Textiles Smt Rita Menon briefed the meeting about the steps taken by the Ministry. Secretary Commerce Dr Rahul Khullar also addressed them stressing the need to stay competitive within the existing framework of international trade regime.

The Minister is scheduled to announce an export promotion package tomorrow. In a run up to that he has had intense consultation with the captains of Industry at the Joint Task Force and Board of Trade apart from this meeting on Textiles sector. “I do hope that the difficult times will pass soon and we can have a big boost to exports in the coming days” said Shri Sharma.

Ministry of Textiles

Must ReadView All

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search