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Textile industry clamor's for relief
21
Feb '09
The Indian textile industry is passing through highly stressful times since the last few months, since the economic turmoil broke out in the early days of September. Exports from the sector have been moving southwards ever since.

The trade bodies have been clamoring for a comprehensive package to help the industry survive through the crisis. But the government on its part has still not been forthcoming on the same and has come out a few measures to the dissatisfaction of the trade.

In the interim period, a lot of well and lesser known companies have announced cutbacks in production, while a few have simply folded up, unable to stand up to the slowdown in domestic and overseas markets leading to lay-offs in the sector.

In the first stimulus package that the government had announced in December 2008 it had made provision for paying Rs 140 billion under the Technology Up-gradation Fund Scheme (TUFS) to the textile industry under the scheme.

According to industry experts, that amount was anyway due to the sector and which was not being paid by the government in time. Under the TUFS scheme, the sector is entitled to get reimbursements from the government in repayment of loans.

The Rs 140 billion released by the government has helped in clearing dues under TUFS scheme till June 2008. Expectations from the interim budget were high, but it had to make do with only an extension in interest subvention of two per cent on pre and post shipment credit till September 2009.

Experts are predicting mass lay-offs in the textile and garment sectors in the coming months, and aver that if the government does not come out with remedial measures urgently, which seem unlikely, unemployment levels will reach unprecedented levels, they add by saying.

Fibre2fashion News Desk - India


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