Home / Knowledge / News / Textiles / Yarn sector gets cash incentives, thumbs down for RMG
Yarn sector gets cash incentives, thumbs down for RMG
22
Apr '09
Mr AMA Muhith, Finance Minister
Mr AMA Muhith, Finance Minister
The Finance Minister, Mr AMA Muhith, unveiled the stimulus package for the industrial and agriculture sector and hinted of a cash subsidy for the spinning sector from the package, since they were also deeply affected by the recessionary trends.

Admitting that, the one of the most important sub-sector's had escaped his attention, he said, the spinning sector will also be brought under the stimulus package as the package is flexible and steps will be taken as the situation demands.

Meanwhile, the government announced a Tk 3,424 Crore stimulus package for the industrial and agriculture sectors of the country, which will be spent over the last fiscal of the current fiscal and also includes an additional Tk 450 Crore for affected export industries.

Mr Muhith also announced an increase in cash incentive by 2.5 percent which will be paid to those exporting from the jute, jute products, leather and its goods and frozen foods in the period April-June 2009.

From amongst the exporting sectors, jute and jute-made goods will see cash incentives grow to 10 percent from 7.5 percent, leather and leather products to 17.5 percent from existing 15 percent and frozen foods to 12.5 percent from 10 percent.

Of the Tk 3,424 Crore stimulus package, Tk 450 Crore will be spent on cash subsidies to exporters, Tk 1,500 Crore on agriculture, Tk 600 Crore on power sector, Tk 500 Crore on agriculture loans and Tk 374 Crore on social security.

However, the biggest export revenue generator, readymade garments has been kept out of the preview of the package. According to the minister, the sector is not insulated from the adverse effects of the global meltdown, but till date they have not experienced negative growth, so the time is not ripe to for giving them assistance”.

Fibre2fashion News Desk - India


Must ReadView All

Global economic upswing became broader & stronger: IMF

Textiles | On 19th Apr 2018

Global economic upswing became broader & stronger: IMF

The global economic upswing that began around mid-2016 has become...

Courtesy: ITMA

Textiles | On 19th Apr 2018

ITMA 2019 expanding space due to overwhelming response

Due to overwhelming response, the exhibition space has been increased ...

BIDA’s Europe trip to showcase a different Bangladesh

Apparel/Garments | On 19th Apr 2018

BIDA’s Europe trip to showcase a different Bangladesh

The Bangladesh Investment Development Authority (BIDA) is taking a...

Interviews View All

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Kerem Durdag
Biovation II LLC

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

Wendell Rodricks
Wendell Rodricks

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

Nisha Chanda
Whistling Woods International School of Fashion

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

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

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


April 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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