The Union Minister for Commerce, Industry & Textiles, Anand Sharma is on a two days visit to Kerala to review issues pertaining to Commerce, Industry and Textile in the southern states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.
The textile industry in the town of Jabalpur, Madhya Pradesh, is lagging behind the others in the state. Industrialists have been cutting down their margins in order to survive in the sector.
Indian IT bellwether Infosys Monday unveiled a business (eBiz) portal of the commerce ministry's industrial policy and promotion department for investors and businesses.
Inflation is the reason for the decline of the textile industry in Bihar’s Bhagalpur district. The impact of rising prices has been severe, and the industry needs special policies, or a revival package, desperately, according to manufacturers.
The Andhra Pradesh government has taken a decision to reduce the rate of value added tax (VAT) on the sale of textiles in that state, to one percent, from the earlier rate of five percent, according to an industry body.
The central government has approved nine textile parks worth Rs.1,500 crore in Rajasthan, and an additional grant of Rs.400 crore to promote this industry in the state, a senior official from Jaipur said.
When Mridula Jain, 62, started Shingora Shawls 26 years ago, it was a cottage industry with eight looms spread across a modest 250 square yards. Today the Ludhiana based Rs 70 crore company operates out of an 8000 square yard ISO certified manufacturing facility and employs 800 workers.
The government has directed public-sector banks to restructure loans worth INR35,000 crore to textiles firms, which are facing financial problem, Minister of State for Finance Namo Narain Meena said. "The government has advised all public-sector banks to set up a separate window for considering restructuring proposals from eligible borrowers in the textile industry on case-to-case basis," Meena said in written reply to a question in the Parliament.
Indian exports are set to get a boost from the Free Trade Agreement (FTA) between India and the European Union (EU), which is due to be signed by December 2012, reports the Business Standard.
The government has announced restructuring a debt of INR35,000 crore of textile firms on a case-to-case basis in a bid to revive the debt-stressed industry. The decision to provide debt relief to the textiles sector was taken during a meeting of Textiles and Commerce and Industry Minister Anand Sharma with Finance Minister Pranab Mukherjee in New Delhi.