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Saturday, Sep 30, 2006

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SIMA favouors extending investor-friendly schemes

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`Allocation for TUFS must be put at Rs 2,000 cr for next fiscal'

Output growth
Spun yarn production in 2005-06 remained at 3,386 million kg at 5.2 per cent growth.
Cotton yarn output grew at 8.4 per cent to 2,462 mkg during the year.
All fabric production grew by 8 per cent to 49 billion sq metres.

Coimbatore , Sept. 29

With investors displaying interest to invest in textiles industry, there is a greater need to extend all the existing pro-investment schemes such as technology upgradation fund scheme (TUFS), technology mission on cotton, credit-linked capital subsidy scheme and the scheme of integrated textile parks into the 11th Plan.

Similarly, the Central allocation for the TUFS should be put at Rs 2,000 crore for the next financial year to enable timely release of interest subsidy, according to the Southern India Mills Association (SIMA).

Addressing the 47th annual general meeting of the association here on Thursday, the SIMA Chairman, Mr S.V. Arumugam, said early labour reforms, free import of textile machinery — including the used spinning machinery, and customs duty exemption to import of extra long staple cotton/man-made fibre would enhance the competitiveness of the domestic textile industry. On the performance of the industry, Mr Arumugam said the production of spun yarn in 2005-06 remained at 3,386 million kg at 5.2 per cent growth.

Cotton yarn output grew at 8.4 per cent to 2,462 mkg in the year. The cotton yarn production in the southern States rose by 10.3 per cent.

All fabric production grew by 8 per cent to 49 billion sq metres.

Whereas the cotton fabric production displayed 14 per cent rise compared to the previous year.

The SIMA chief urged the Centre to give sufficient time for the industry associations to give their feedback on entering into international trade pacts by the Government, since such agreements have far reaching implications on the domestic markets on factors such as labour, power and transaction costs; often, industry/trade bodies come to know about such pacts only through newspaper reports or Government notifications.

More Stories on : Textiles | Industry Associations | Tamil Nadu

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