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Textile Minister seeks bailout package from Govt

24
Dec '08
Mr Shankersinh Vaghela, Minister of Textiles
The Textile Ministry has requested the Prime Minister's Office and the Finance Ministry to draft a bailout measure for the textile and garment industry in the country, said the Minister of Textiles, Mr. Shankersinh Vaghela. He added by saying that we have suggested a comprehensive package, which is in line with the demands put up by the industry.

Giving the details of the recommended package he said that, it includes providing interest rate subvention, increasing duty-drawback to 4 percent, reducing margin money requirement to 10 percent from the current 25 percent and making cheap credit available to the industry.

Mr Vaghela added by saying that the sector has witnessed a decline in the month of October and an overall drop in the targeted figures for the current fiscal (2008-09) is also expected. The Ministry had earlier in the year, projected a growth rate of 20 percent over the last fiscal's figure. It is anticipated by experts that export figures in the current fiscal year may remain stagnant at last fiscal's levels.

Fibre2fashion News Desk - India


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