Home / Knowledge / News / Textiles / 2nd Stimulus Package will not support textile exports, TEXPROCIL Chairman
2nd Stimulus Package will not support textile exports, TEXPROCIL Chairman
Jan '09
Shri V. S. Velayutham, Chairman, Texprocil
Shri V. S. Velayutham, Chairman, Texprocil
The Government recently announced an additional package to stimulate the economy. Giving his reactions to the package, Shri V. S. Velayutham, Chairman, The Cotton Textiles Export Promotion Council (Texprocil) in a statement, said that the package has been disappointing, as it does not contain anything to stimulate the slugging exports in the textile sector. The restoration of DEPB rates to pre-November 2008 levels does not benefit the exporters of cotton textile products but would only benefit a few items.

As regards the Duty Drawback rates he pointed out that they were disappointing and did not meet industry's expectations as only certain anomalies were rectified whereas Industry has been asking for an increase of 2% over the pre-September 2008 rates. On the other hand, competing countries like China have pro-actively increased tax rebates from 13% to 17% in the year 2008 in order to support growth of labour intensive sectors. Unfortunately, unlike these Governments the Government of India had been slow in responding to the crisis.

He also pointed out that the industry's demand for restoration of subvention of remaining 2% in interest rates on pre & post shipment credit has also not been met. It is necessary that the cotton textiles industry also should be provided credit at 7% along the lines of cotton, which is entitled to receive this credit being an agricultural commodity, he added. Further, the industry's request for a moratorium on term loans for 2 years has also not been considered.

Mr. Velayutham, wondered whether tangible assistance from the Government would be forthcoming only after the hard won markets by the exporters are lost forever and textile exports are virtually wiped out from the country. He appealed to the Hon'ble Prime Minister to personally intervene in the matter and save the textile industry from acute distress during these trying times by announcing a special package taking into account its requirement for timely credits, cost of raw material and manufacturing.

The Cotton Textiles Export Promotion Council

Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Awen Delaval

'Natural fibres are appreciated for traditional authenticity'

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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


news category

Related Categories:
June 2017

June 2017

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


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search