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Textile policy takes steps to revive sick units – Minister

01
Feb '10
As per the Federal Minister for Textile Industry Mr. Rana Muhammad Farooq Saeed Khan, no particular measures have been taken to perk up the sick textile industry since July, 2009; however, in the month of August, Federal Cabinet approved the first Textile Policy (2009-2014) that contains several initiatives, which would revive the sick textile industry.

In a bid to make the sector more competitive, short-term and long-term measures have also been incorporated in this policy, and implementation of this policy is being actively executed by the Ministry of Textile Industry, stated the Minister.

The notifications such as Drawback of Local Taxes and Levies Order 2009, Mark-up Rate Support for Textile Sector Order 2009 on September 1, 2009, Export Finance Mark-up Rate Facility Order 2009 have already been issued by the Textile Ministry to execute the key initiatives of the policy.

Whereas, to implement the other initiatives, included in the policy, such as Infrastructure & Skill Development, the modalities are being finalized, informed the Minister. Besides, the Ministry is also spotting areas where these initiatives will prove to be more beneficial for the scattered sub-sectors.

Moreover, negotiations have been conducted with the Ministry of Water and Power and the Ministry of Petroleum and Natural Resources to ensure smoother supply of power and gas to the textile industries, he added by saying.

Fibre2fashion News Desk - India


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