India'S Tailor-Made Measures For The Textile Industry
India's commerce minister, Mr. GKPillai, said on Saturday that the Supreme Council, headed by Prime Minister of India, is expected to announce a tailored rescue package for the textile industry next weekend. In a recent meeting on the strategy of "global economic slowdown and sustainable export development in India", the committee said: "the Secretary of the Committee has discussed specific issues with many export industries. We hope to conclude the discussion on Monday and submit export aid measures to the Supreme Council on the weekend, and get the approval of the Committee."
He said the package will take into account the difficulties faced by exporters and the consequences of the global financial crisis. He said exporters should let the finance and Commerce ministers know that banks are still hesitant and unwilling to lend them loans, although the Reserve Bank of India has instructed banks to lend money to exporters. Mr. Pillai said that a ministerial meeting would be held in the first week of December to discuss export related issues and to accelerate repayment of the arrears in the textile industry, including the return of value-added tax.
The commerce minister said the government would pay more attention to labor-intensive industries, such as textile industry, jewelry industry and handicraft industry. He said that the government will actively consider restoring tax rebates and certificates of rights and obligations, and the government lowered the relevant export tax rebates before the financial crisis and the rupee appreciation. India will also step up anti-dumping measures to prevent large-scale dumping from China, Korea and Taiwan.
Delegates from textile, chemical, clothing, leather, footwear, synthetic fibers, tires, iron and steel, flour mills, rice, handicrafts, motorcycles, meat and poultry industry all listed the problems facing their industry, and urged the government to take immediate rescue measures.
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