India Government Will Announce Related Relief Plan For Textile Industry
India Finance To speed up the downward trend of the textile industry, India The government will unveil the relevant relief plan with a focus on survival rather than growth.
The report quoted Wagle, Minister of textile industry in India in December 23rd, as saying that the relevant measures might include providing liquidity to purchase and store cotton at low interest rates of 7%, and raising the tax rebate rate from 2% to 4%.
The policy will benefit the survival of the cotton industry and the textile industry. India's domestic cotton price is 20% higher than that of the international market due to the minimum market retail price guarantee policy implemented by the government.
India textile Ministry officials also said that India's clothing exports could decline by 24% in the current fiscal year, down from the original US $11 billion 620 million to US $8 billion 780 million.
In response to the plight of the textile industry, the government of India announced a relief plan of 14 billion rupees for the textile technology upgrading fund in December 7th.
Editor: vivi
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