SME Times is powered by   
Search News
Just in:   • Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia  • Europe facing earlier, stronger heatwaves: Climate scientist  • India and Namibia sign two MOUs in fields of health and entrepreneurship  • PM Modi arrives in Delhi after concluding 'productive and successful' 5-nation tour  • ASEAN to keep on consensus, inclusivity: Malaysian official 
Last updated: 27 Sep, 2014  

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

Textiles.9.jpg
   Top Stories
» Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia
» Piyush Goyal holds talks with Malaysian minister on review of ASEAN trade pact
» India and OPEC have a unique and symbiotic relationship: Hardeep Puri
» SIP inflows hit all-time high in June, total AUM for equity MF at Rs 74.41 lakh crore
» India set to explore over 2.5 lakh sq kms area in one of largest offshore energy efforts
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 :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter