As the textile industry, which was impacted due to recession, is witnessing gradual improvement since last 2 to 3 months, official circles were abuzz about partial withdrawal of stimulus package for the industry in forthcoming Union Budget.
However, the Textile Minister, Mr. Dayanidhi Maran is in favor to continue these sops for textile industry for some more time. The industry entrepreneurs have been demanding the extension of relief packages, offered by the government, for some more period.
The Minister was of the opinion that views of textile entrepreneurs will be supported and considered, since the textile industry had still not come out of the recessionary trends and was not yet back on track.
The textile industry is enjoying import duty refund on capital goods, service tax refund, announcements for cluster development and interest rate subsidy. Textile exports of the country plunged by 2 percent to $21.75 billion in 2008-09 fiscal, due to economic crisis.
As the textile exports showed a 15 percent fall during April-November 2009 against same period of 2008, the exports of the entire current fiscal will get impacted, pointed Mr. Maran. However, these exports witnessed 5 and 7 percent growth in the months of December 2009 and January 2010 respectively, he informed.
Fibre2fashion News Desk - India
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