The second stimulus package announced by the Government on January 2 has been totally disappointing as far as the textile and clothing industry is concerned. In a statement, Mr. R.K. Dalmia, Chairman of the Confederation of Indian Textile Industry (CITI), has pointed out that the global economic crisis has eroded demand for textile products, and all majortextile exporting countries have been affected seriously by this market erosion. Countries like China and Pakistan have however taken significant remedial measures to address this problem. Mr. Dalmia has stated that in addition to international developments, India's textile industry has also been affected by negative government decisions such as reduction of drawback rates, withdrawal of interest subvention on export credit, inordinate delay in disbursement of TUFS claims and the totally unreasonable increase in minimum support prices for cotton.
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