Home / Knowledge / News / Textiles / We are positive about new government - IIGM Ltd
We are positive about new government - IIGM Ltd
May '09
Dr Manmohan Singh and his team is ready for a second innings at the Centre and expectations of getting more support from the new government to strengthen the entire textile value chain are soaring high among the industry players. In our continuing series to understand the aspirations of the sector, Fibre2fashion spoke to a few more textile and apparel industry leaders to know more about their expectations.

First we spoke to Managing Director, Mr. Manoj Kumar of the Coimbatore based Gangotri Textiles Ltd, which is a vertically integrated textile unit and which has world class in-house facilities from processing of yarn to manufacture of finished garments and are also brand owners of Tibre brand garments.

He said, “The bank interest rate should be reduced to around 7-8 percent from the current 12-13 percent, along with which Central Sales Tax (CST) should also be abolished and customs and excise duty on furnace oil and high speed diesel should be reduced when used to run generators to prune electricity costs”.

He continued, “Currently there is a big backlog of TUF subsidy claims, but actually, eligible TUF interest subsidy should be deducted upfront and the net interest due, should be paid to the banks only and the repayment period for loans availed under the same should also be extended to 15 years from the current 10 years”.

He concluded by demanding abolishing of dividend distribution tax as this is a type of double taxation and added by saying that removal of the tax will stimulate stock exchange market, which is badly in need of such stimuli.

Next we spoke to Mr.Balasubramaniam of IIGM Pvt. Ltd., which is India's foremost technology and services provider mainly to home textiles and apparel sectors and represents the world's leading companies in all areas of manufacturing including Automated cutting, Industrial sewing, Finishing machines, Washing and Garment treatment equipment, Automation in Apparel and Home products and Textile processing equipments.

He said, “Last two quarters of 2008 were quite bad in terms of trading & exports market and business went down, but now with arrival of the new government there are some positive signs and if exports were to pick up a lot of difficulties related to the textile sector will be solved”.

“We all are looking forward to 2010, by which situation is expected to improve and we are very much positive about the new government, that it will provide best possible support to the industry as a whole”, he concluded by saying.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 24th Oct 2016

Indian govt plans roadshows to promote textile exports

The Indian government has planned to conduct roadshows to boost the...

Textiles | On 24th Oct 2016

TPP may hit roadblock

The 12-member Trans-Pacific Partnership (TPP) that was signed earlier ...

Textiles | On 24th Oct 2016

Baba Ramdev’s Patanjali to enter textile manufacturing

Patanjali Ayurved, an enterprise initiated by yoga guru Baba Ramdev,...

Interviews View All

Veronique Lee

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Silke Brand-Kirsch
Schlegel und Partner

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

Paolo Ocleppo
Sandvik Hyperion

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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

October 2016

October 2016

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


Browse Our Archives


Advanced Search