SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 27 Sep, 2014  

Textiles.9.Thmb.jpg 'Struggling textile sector to benefit from interest subvention'

   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
Namrata Kath Hazarika | 05 Aug, 2013
The textile and clothing industry that has been struggling to maintain exports growth and facing tough competition from neighbouring countries will now have a relief as the government has increased the interest subvention rates from 2 percent to 3 percent, said D.K.Nair, Secretary General, Confederation of Indian Textile Industry (CITI) while hailing the government's initiative that will benefit exporters.

"The enhancement of interest subvention is a very welcome measure. High interest cost is one major factor that has been affecting the cost competitiveness of our textile products in global markets. The 50% increase in interest subvention will be a great help," Nair said to SME Times.

He mentioned that since a long time the industry has been demanding the government to provide some kind of sops that will boost textile exports from the country.

Currently, the interest subvention covers small and medium enterprises (SMEs), handlooms, handicrafts, garments and made-ups. This also cover yarn and fabrics, which are also highly labour intensive and have been facing tough competition from countries which have lower interest rates, he added.

Opining further S.Dinakaran, Chairman, The Southern India Mills' Association said  the decision taken by the government is timely for all the textile sectors in the backdrop of balance of payment issues.

He has shown immense pleasure as the government has mentioned to clear all pending claims.

Dinakaran said that since the textile industry is back to normalcy after severe recession in 2010-11, it can contribute sizably for the country’s exports.

During 2012-13, the country's textiles exports stood at USD 34 billion and the aim is to increase it by 30 percent to over USD 44 billion in 2013-14.
Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter