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Government plans to boost the Indian Textiles

Written By Views maker on June 12, 2009 | 6/12/2009

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The new UPA government has planned to boast the declining textile exports of the country, Thou the action plan is too late many textile exporters would welcome this move from the government. Apart form the below power cut problems and labour shortage is another area were government will have to focus on..

As part of the short-term strategy, the government will try to rationalize the fiscal structure, exporters exempt from service tax, reduce interest rates on pre- and post- shipment credit, and facilitate faster clearance of arrears of terminal excise duties and central sales tax say the textile minister.

The assurance comes in the backdrop of around 2 per cent decline in India's textile exports, which are estimated at $21.75 billion in 2008-09, due to slump in key markets such as the US and Europe.