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SIMA Chief hails immediate vision set by Textiles Minister

02
Jun '09
The Indian Textile Industry has been ailing due to unprecedented global recession, hardening of bank interest rates, 40% hike in Minimum Support Prices for cotton, acute power shortage, drastic reduction in export incentives, undue delay in the disbursement of Government dues etc., for the past 2 years. Over 10 lakh people have lost their jobs and almost all textile mills including the blue chip companies have incurred huge cash losses during the last financial year.

Under these circumstances, the announcement made by Mr. Dayanidhi Maran, Union Minister for Textiles soon after the swearing in ceremony has given a confidence to the textile industrialists to revive the business from the recession and hoped to get an early regain in the global competitiveness.

Dr.K.V.Srinivasan, Chairman, The Southern India Mills' Association (SIMA), has hailed the immediate vision set by the Textiles Minister. He has also appreciated the Minister's target of 8 to 10% annual growth rate in the textile business and creation of 10 million new jobs in the next five years. He has welcomed the Minister's decision of establishing the National Institute of Fashion Technology in Coimbatore.

SIMA Chief has hoped that the Hon'ble Minister would quickly make a diagnosis of the ailing industry and architech a comprehensive package not only to revive the industry but also to make it a sun shine industry. He has assured full co-operation to the UPA Government, particularly the Union Minister for Textiles for achieving the target set by him.

The Southern India Mills' Association


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