At a media briefing in SIMA, T Rajkumar, the Chairman of Confederation of Indian Textile Industry (CITI) urged the Government to release Rs.11000 crores dues to enable the industry to ease its liquidity crunch.
Coimbatore : At a media briefing in SIMA, T Rajkumar, the Chairman of Confederation of Indian Textile Industry (CITI) urged the Government to release Rs.11000 crores dues to enable the industry to ease its liquidity crunch.
T Rajkumar also stated that Indian textiles and clothing are currently facing severe liquidity crisis, mainly due to a huge accumulation of Government dues, especially the TUF subsidies amounting to Rs.11,000 crores and RoSL/RoSCTL arrears since March 7 and the GST refund.
He also further appealed to the Government to announce stimulus policy measures like the release of Government dues, debt restructuring for MSMEs, e-auctioning of CCI MSME procured cotton, inclusion of cotton yarn under RoSL, MEIS and IES and fabric under RoSL benefits and export credit.
He also stated that the average cotton yarn exports per month has dwindled down from 120 million kgs during 2013-14 to 60 million kgs, owing to the US-China trade war and duty free access enjoyed by Vietnam and other countries in the Chinese market.
CITI hence requested the Government to include cotton yarn under the new scheme which would benefit millions of cotton farmers in the country. Dr. K V Srinivasan, Chairman of TEXPROCIL in his address to the media appealed to the Chief Minister to continue the exciting energy benefits like wind power banking, group captive power purchase by MSMEs for less than one MW (Megawatt) and removal of windmills which were over 25 years old to enable the textile industry in the State to remain competitive.
Dr. K V Srinivasan also added that about 12 lakh jobs were affected due to the crisis that the industry was presently facing. "We request the Government to consider our appeal to revive the industry from recession. We have arranged for a meeting with the other associations of textile industries to take a decision on this issue and hence request the Government to take necessary action for the same," he urged.