The textile industry should return to buoyancy

摘要

There has been ventilation of much grievances from the textile industry concerning the slow-down in the pace and momentum in the exports area. However, the sector continues to be the second largest and a sunrise sector significantly contributing to gross domestic product and reduction in unemployment. The CITI has justifiably drawn the attention of the government to inadequate relief granted. The Chairman of the CITI has called for a subvention four per cent on interest rates to be announced to benefit all units. He has also called for a moratorium of one year on repayment of principal amounts against the term loans. The APEC has also stated that four per cent cut in duty drawback rates was quite insufficient and has urged the government to increase the same from 11 to 16 percent.