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'Too much stimulus not good for health' – Finance Secretary
07
Jan '10
Mr Ashok Chawla
Mr Ashok Chawla
Speaking at a FICCI organised textile seminar, the Union Finance Secretary, Mr Ashok Chawla said that, considering the revival in export orders to developed economies and data pointing to a pick up in exports, the government is unlikely to offer an extension of the stimulus packages to the textile industry.

On a lighter note he said, “Too much of stimulus when the body is getting healthy may not be a good thing and which can be injurious to health, however government may consider tax incentives for garment machinery and extending the present easy bank lending rates.”, when announcing the budget on the last day of February.

He was referring to industry demand for more stimulus measures which include, that the current regime of soft loans to textile firms should continue and government should provide an additional Rs 45 billion from the budget for the Technology Up-gradation Fund Scheme (TUFs).

The Textile Minister too was optimistic of the future of the textile industry and said available statistics indicated that until November, production of cloth was up 10.8 percent, while man-made fibre output rose 21.43 percent and yarn 11.8 percent and that apparel exports may have grown 5 percent during April-December, from a year earlier.

Fibre2fashion News Desk - India

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