Home / Knowledge / News / Textiles / Textile industry clamor's for relief
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


Must ReadView All

Equate posts best Q12018 results since inception

Textiles | On 21st May 2018

Equate posts best Q12018 results since inception

Equate Group's first quarter results for 2018 are the best since its...

India’s GDP expected to grow by 7.7% in Q1 2018: Report

Textiles | On 21st May 2018

India’s GDP expected to grow by 7.7% in Q1 2018: Report

India’s gross domestic product (GDP) is expected to grow at the rate...

Courtesy: OmniBloq

Textiles | On 21st May 2018

Bolger & O’Hearn to display OmniBloq DWR at Techtextil

Bolger & O’Hearn, a leading specialty chemical company, will showcase ...

Interviews View All

Top executives
Textile industry

Defining MSMEs on the basis of turnover makes it simpler to do business

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search