Being the second largest employer after agriculture, the growth and all-round development of textile industry has a direct bearing on our ability to make our growth process more socially inclusive. Dr. Singh further said that the Government was willing to step in and help the industry, especially if it can address the challenge of generating more employment.
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”.
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Press Information Bureau Government of India
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