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Coimbatore
Govt intervention sought to save textile industry
August 27, 2015
Alarmed by the continuing negative trend in the textile industry, the Indian Texpreneurs Federation (ITF) has demanded that the Centre give them interest subsidies for yarn and cloth exports. Based on a recent CRISIL report, the association has predicted continuing losses for small and medium-sized mills for 2015 and 2016.
In a letter to the union minister for Commerce, Nirmala Seetharaman, Prabhu Damodharan, secretary of the ITF, an association of spinning mills owners, has said that more mills are going to be affected due to reduced cash flow.
As a result of the recent devaluation of Chinese Yuan has forced most of the contracts are being renegotiated. The delay could invariably affect the agricultural sector too. Prabhu, in his letter, has said that interest subvention could ease the pressure on the spinning industry and benefit it.
