Govt slugs while powerloom sector stews in despair
20 Nov '07
1 min read
Powerloom textile exporters are severely hit by rupee appreciation, which has considerably reduced the production level of the textile industry. The Powerloom Development and Export Promotion Council (PDEXCIL) has also expressed concerns over this issue.
Apart from loss in value and reduction of manpower, rupee appreciation has also propelled manufacturers to cut down on manpower and this has aggravated the already complicated situation of the textile industry.
The issue had been brought to the notice of Mr P Chidambaram, Finance Minister, who had lately summoned a meeting of textile exporters and heads of the textile export promotion councils.
Employment for millions of textile workers is on stake and experts believe that unless modernization rates are increased, training schemes reintroduced and newer technologies, condition of the weaving industry is unlikely to improve. Finance Minister has assured to undertake ameliorative measures to bring relief to the industry.
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