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Federal govt slated for lifting textile import ban
15
Feb '11
The Federal Government's decision of removing the ban imposed on imports of textiles and allied goods has been slated by the National Association of Small Scale Industrialists.

Duro Kuteyi, the National Vice President of the Association, while conversing with the press said that, due to removal of the ban the marketing environment has become dim and has raised problems for the borrowers who are finding it difficult to pay back the loans.

The players from the sector who borrowed the funds to boost their production are now in panic.

It follows from the present situation that the textile producers who took advantage of the N200 billon intervention fund might not be able to repay the sum, owing to the Federal Government's move of removing the ban on imports of textile items.

The official stated that it was an effort on the part of the Federal Government to ensure that, it does not get back the sum advanced to the textile producers for revamping their industries, as on one hand the government has provided the funds and on the other it has even lifted the import barriers. Thus, it is difficult to say whether the government really expects the borrowers to repay the loans or not.

While on one hand, the government extends loans to the producers, and on the other hand it poses hindrances on the way of utilising the same to generate more wealth, so what is the use of giving such loans.

According to an expert, the government has stated that it would be required to introduce some measures to help the producers to cut down their cost of production and to alleviate the competition that the imported products would extend.

Fibre2fashion News Desk - India


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