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Shri Velayutha welcomes proposals for Union Budget
27
Feb '10
Shri V S Velayutham, Chairman, The Cotton Textiles Export Promotion Council of India (Texprocil) has welcomed the proposals for the Union Budget 2010 presented by the Hon'ble Union Minister of Finance Shri Pranab Mukherjee, on 26-02-2010 as a step not only in the direction of fiscal consolidation but also policy consolidation.

Shri Velayutham appreciated efforts made by the Hon'ble Minister of Textiles Thiru Dayanidhi Maran in getting the specific proposals like providing one time grant of Rs.200 crores to the Government of Tamil Nadu towards the cost of installation of a zero liquid discharge system at Tirupur to sustain country's hosiery exports from Tirupur, launching of extensive skill development programme in the Textile & Garment sector by leveraging the strength of the existing Institutions & Instruments of the Textile Ministry. He felt that these measures would go a long way in addressing the manpower and manufacturing needs of this labour intensive sector.

Shri Velayutham welcomed the allocation of Rs.2400 crores under TUF Scheme which will facilitate in clearing arrears of interest subsidy and will give great relief to exporters.

As regards, the extension of interest subvention of 2% for one more year, Shri Velayutham appealed to the Government to extend the interest subvention facility of 2% to the textile sector as a whole (and not limit it only to the Handloom, Handicraft & Carpet sectors), considering the continuing decline in exports and erosion of competitiveness.

Considering that the measures like hike in fuel prices would lead to inflation (at least in the short to medium term) continuation of 2% subvention of interest rates for pre-shipment export Credit was very vital at this juncture, so as to ensure that operating costs do not spiral out of control. If operating costs also increase Indian textile exports would decline further.

On behalf of the exporting community Shri Velayutham appealed to the Hon'ble Minister of Textile Thiru Dayanidhi Maran & Hon'ble Minister of Commerce Shri Anand Sharma to intervene in the matter to ensure that the textile sector as a whole is also given the benefit of interest subvention for one more year.

The Cotton Textiles Export Promotion Council of India

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