Don't fret, good times ahead, assures Textile Minister Vaghela
17 Nov '08
2 min read
The 8th India International Textile Machinery Exhibition that opened in Bangalore, was inaugurated by Union Minister of Textiles Shankersinh Vaghela, on November 15.
During the event, the textile Minister said that the sector needs to keep its cool during this hard time of global meltdown.
“There are major challenges being witnessed by our country's textile sector. These gloomy prospects would not continue forever and things will change. One has to bide time,” said Minister.
Mr Vaghela said that even other major competitors like China and bangladesh are also coping this ongoing recession.
Mr Vaghela supported the textile mills importing cotton from Pakistan. He reasoned, “We have never done anything anti-industry. We reduced import duty when there was acute domestic scarcity of cotton in the country.”
As domestic prices of long staple cotton surged from Rs2,030 to Rs3,000 per quintal, and for medium staple cotton from Rs1,800 to Rs2,500 per quintal, mills started importing cotton to meet their demand.
Although Union Government's move to hike MSP was aimed at helping the farmers, input cost for spinning mills spiked up, leaving them at loss.
With over 400 participants, Mr Sanjay Jayavarthanavelu, President, Textile Machinery Exhibition along with other office bearers, were present at the inauguration function.
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