New measures in FTP to benefit Indian weaving sector

07 Jun '12

2 min read

The predominantly cotton based textile industry in the country has been facing challenges in the post-WTO era due to stiff competition in the market. The weaving sector with its old technology has been struggling to accelerate and keep pace with the growth of other sectors.

The UPA government has been announcing number of schemes to strengthen the power loom sector which houses 22.5 lakh looms, the largest weaving capacity in the world. The Annual Supplement to Foreign Trade Policy 2009-14 announced on 5th June, 2012 has few more export incentives for the power loom products to strengthen its competitiveness to enable it to penetrate into various new markets.

In a press release, Mr S Dinakaran, Chairman, The Southern India Mills' Association (SIMA) has thanked the Hon'ble Union Minister for Commerce, Industry and Textiles for favourably considering the memorandum submitted by SIMA and including 21 weaving products predominantly manufactured by the power looms in the Focus Product Scheme.

He has also thanked the Hon'ble Minister for including cotton woven fabrics in the MLFPS scheme for export to Sri Lanka, Turkey and Bangladesh. Mr. Dinakaran has hailed 2% interest subvention for pre and post-shipment credits for small and medium scale sectors which has been extended up to 31st March, 2013. SIMA Chairman has stated that all these measures would greatly benefit the weaving sector, particularly the decentralized power loom sector to improve their export performance and earn more foreign exchange to the Nation.

The Southern India Mills' Association (SIMA)

More Southern India Mills' Association (Sima) News... More Textiles News - India...