Confederation of Indian Textile Industry (CITI) has approached the Prime Minister and the Finance Minister pointing out that the relief measures announced on 29th November 2007 by Finance Minister in Parliament do not address the core issues being faced by the industry.
In a statement issued here, Shri P.D. Patodia, Chairman, CITI has stated that he has written both to the Prime Minister and the Finance Minister requesting that the issues of refunding State level duties and declaring a moratorium on repayment of term loans which are crucial to addressing the current crisis in the industry, may be sorted out immediately.
Shri Patodia stated that units across the textile value chain are getting closed or scaling down operations across the country because of losses suffered both in the domestic and export markets. Large number of workers have already lost jobs in the process and the situation is worsening week after week.
Shri Patodia stated that he has requested the Finance Minister and the Prime Minister to come to the rescue of the industry by announcing relief measures to offset at least a significant part of the losses that the industry is suffering because of Rupee appreciation and interest escalation.
He added that the relief measures should remain in force at least for one year to produce positive results, since the industry will need some lead time to secure business and execute the orders.
In a statement issued here, Shri P.D. Patodia, Chairman, CITI has stated that he has written both to the Prime Minister and the Finance Minister requesting that the issues of refunding State level duties and declaring a moratorium on repayment of term loans which are crucial to addressing the current crisis in the industry, may be sorted out immediately.
Shri Patodia stated that units across the textile value chain are getting closed or scaling down operations across the country because of losses suffered both in the domestic and export markets. Large number of workers have already lost jobs in the process and the situation is worsening week after week.
Shri Patodia stated that he has requested the Finance Minister and the Prime Minister to come to the rescue of the industry by announcing relief measures to offset at least a significant part of the losses that the industry is suffering because of Rupee appreciation and interest escalation.
He added that the relief measures should remain in force at least for one year to produce positive results, since the industry will need some lead time to secure business and execute the orders.
