India : New Texprocil chairman bats for increased UPI adoption

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New Texprocil chairman bats for increased UPI adoption

07
Dec '16

Ujwal Lahoti, the new Cotton Textile Export Promotion Council (Texprocil) chairman has requested exporters to adopt Unified Payments Interface (UPI) as a step towards cashless mode of payment and maintaining transparency in transactions. UPI is an open and inclusive digital payment platform developed by the National Payment Corporation of India (NPCI).

Lahoti, who is the executive chairman of Lahoti Overseas, took charge as the chairman of Texprocil with effect from November 21 after the completion of the tenure of RK Dalmia, senior president of Century Textiles & Industries.

“We have also requested the government to take measures like increasing the working capital limits by 50 per cent, increase the moratorium period from 2 months to one year for repayment of loans and increase cash withdrawal limits for SME units based on their withdrawal record,” said Lahoti in a statement.

We need to focus on intensifying business in the new and emerging markets of Africa, South America and Middle East, he said. In order to sustain economic activity and employment, we have requested the Centre to encourage exports and have also urged them to extend the benefit of 3 per cent Interest Equalisation Scheme to cotton yarn and merchant exporters. Further, request has also been made for urgent policy support such as increase in the entitlement under Merchandise Exports from India Scheme for export of yarn, fabrics and made ups to EU.

Commenting on the election of Republican Donald Trump as the new US president, Lahoti said, “Considering the election rhetoric and campaign promises especially relating to trade agreements like NAFTA and the Trans-Pacific Partnership (TPP), we can expect some changes in trading patterns.” (RR)

Fibre2Fashion News Desk – India

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