Home / Knowledge / News / Textiles / Karnataka spinning mills seek bailout package
Karnataka spinning mills seek bailout package
Mar '12
In order to save the bank loans extended to the cotton spinners from turning into non-performing assets, the Karnataka Textile Mills' Association (KTMA) has demanded a bailout package for spinning mills of the state.

Speaking at the 43rd Annual General Meeting of KTMA, association Chairman C Valliappa said the last financial year proved to be a mixed year for the cotton spinning industry.

While the industry registered record profits for some time, it was later required to curtail its production by 30 percent due to overpiling of yarn stock, he added.

Mr. Valliappa said the Union Budget has extended some incentive support for facilitiating skill development, and hailed the sanction of Rs. 600 million for a package of weavers, that is to be executed by the Ministry of Textiles.

To support the local industry, he requested the state government to extend the benefit of reduced tax rate granted to unginned cotton to ginned cotton also.

Mr. Valliappa noted that in spite of being a key garment production centre, the state does not house many weaving or processing units, mainly owing to pollution concerns.

He proposed setting up of a processing centre in coastal Karnataka, as it would facilitate “marine discharge” and serve as a long term solution to the environment pollution concerns faced by the domestic industry.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: H&M

Apparel/Garments | On 30th Mar 2017

H&M group's sales increase 7% in 3 months to Feb '17

The H&M group's sales including VAT amounted to SEK 54,369 million...

Textiles | On 30th Mar 2017

Vietnam’s textile & garment exports earn $4bn in Jan-Feb

Vietnam earned $4 billion from textile and garment exports in the...

Textiles | On 30th Mar 2017

India Inc should work for July 1 GST roll out: Fin sec

The Goods and Services Tax (GST) will take India into a very exciting ...

Interviews View All

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Ashok Desai
Bombay Textile Research Association

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

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

March 2017

March 2017

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


Browse Our Archives


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