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Senate Member demands bail-out package for textile industry

29
Nov '08
Speaking to a delegation of traders and industrialists, Hamayun Saifullah Khan, a member of the National Assembly demanded a bail out package for the textile industry at the earliest to save it from a situation of collapse.

He warned that if the bail out a package was not declared immediately the dwindling exports from the sector could lead to millions of people losing their jobs.

He urged the government to call a meeting and review the situation and play a pivotal role in helping the industry survive. He pointed out that western countries like USA, UK and Germany had declared packages to save their industries and in turn their economies.

He demanded a reduction in interest rates among many things in particular. He added by saying that since 60 percent of exports were generated from the textile sector, it would hit the economy hard if the same were to fall.

He also made it clear that neither the IMF nor the donor agencies could help in the matter if timely action was not taken by the government.

Fibre2fashion News Desk - India


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