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Govt mulling stimulus package for textile sector -PM
20
Mar '10
As the cotton industry is affected by the economic slump, the government is working out modalities for devising a stimulus package for reviving the ailing sector.

According to Prime Minister Raila Odinga, shortly, the plans for safeguarding the sector against the wreck of widespread economic slump will be announced to ensure that the sector regains its vitality.

He also divulged that in order to emerge with policy measures for generating positive environment for the investors, government is considering the recommendations concerning the textile industry which were laid down by the task force in a report that was submitted in 2006.

The sector which at one time employed over 500,000 workers, owing to the prevalent unfavourable investment conditions, has witnessed its 41 textile units ceasing operations since 2006, rendering over 400,000 workers jobless.

Mr Odinga, stated that amongst the remedial measures that government plans to implement as a means to revive the ailing sector are measures beneficial to investors like, subsidy and tax waiver.

He added that they are all set to aid in cutting down the tax burden on the investors while mainly focusing on reducing the energy bills. He also said that they are endeavouring to establish the country as an investment hub.

He told investors, about the government's intent of considering necessary adjustment in the next budget, in order to safeguard the ongoing units from downfall.

According to him, the proposal for waiver of power bills and taxes could not be discarded in the stimulus package, considering that the investors were dispirited owing to high energy costs.

While advising the investors to install up to-date ginneries and spinners to bring down their operational expenses, he also assured that in order to aid the farmers to amplify production, government will provide them certified cotton seeds.

Fibre2fashion News Desk - India

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