RTTNews - India's federal government will take the required relief measures to the textile sector, assured the Minister for Textiles, Dayanidhi Maran while releasing a study report on the impact of economic slowdown on Textile and Clothing Industry.
The study was made by ICRA Management Consulting Services Ltd.(iMaCS) on behalf of Indian Textiles Industry (CITI), Cotton Textiles Export Promotion Council (TEXPROCIL), Apparel Export Promotion Council (AEPC) and Synthetic and Rayon Textiles Export Promotion Council (SRTEPC).
Maran reiterated that the government would try to create one-crore employment opportunities in this sector, build world-class, state-of-the-art manufacturing capacities, achieve a dominant global standing in the manufacture and export of textiles and clothing as also equip the textiles industry to withstand the pressure of import-penetration and maintain its dominance in the growing domestic market.
India's exports of textiles and clothing fetch around 12% to foreign exchange. Between April 2008 andFebruary 2009, the sector's exports had a flat growth on account of economic slowdown in major textile and clothing export markets. This also impacted on the overall growth of textiles.
The study highlighted major policy aspects that impacted the growth of the industry. These included the policy approach towards cotton fibre and manmade fibre, stringent labour laws, and delay in the disbursement of TUFS refunds.
The study recommended steps that should be taken by both the government and the industry for achieving the high growth rates by competitiveness through removal of infrastructure bottlenecks, rationalization of taxes and flexibility in labour laws.
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