Build global textile brands, urges PM at Tex Summit
03 Sep '07
5 min read
Keeping in view the inherent potential and historical roots of textile industry in our country, the Prime Minister said that the textile ministry should work with the industry to take advantage of its existing core competencies to ensure that the textile sector grows at 15 per cent per annum in the next decade. In order to take full advantage of emerging global opportunities, Dr. Singh emphasised the need for a long term vision. Regarding negative exports in clothing segment because of appreciation of rupee, the Prime Minister said that the Government has provided some relief by revising DEPB and drawback rates also by providing concessional pre-shipment and post-shipment credit.
He assured that the Government would take all possible measures to ensure that real, productive portion of our economy is not hurt by rupee appreciation. He said, “While these measures may be useful in the short term, we need to look at long term as well. Sops and subsidies will work if currency appreciation is a transient phenomenon. However, in the long run the industry must adjust itself to the new dynamic”.
Reiterating the Government's commitment for facilitating the long term growth of the textile sector, Dr. Singh said that the Government launched the Integrated Textile Park Scheme to address the infrastructure issues and this will continue also in the Eleventh Plan. The Government has expanded the coverage under TUFS Scheme and will continue in the future also, he stated.
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