Export package ready

Union Minister of State for Textiles E V K S Elangovan on Friday suggested that textile mill owners explore the possibility of exporting to European countries to cope with the crisis arising from the appreciation of the rupee against the US dollar.Addressing the second CEOs conference organised by the Southern India Mills Association (SIMA) here, he said that the government had already announced an export package comprising relief measures to help the exporters tide over the issue.However, with the textile industry going global, the government would not remain a silent spectator, the Minister assured and added that further steps were under consideration to ameliorate the exporters’ grievances.Stating that the crisis was a temporary phenomenon, Elangovan noted that the industry’s need for electricity could be solved if the Indo-US nuclear deal materialised.

On the performance of the National Textiles Corporation (NTC) mills, he said that he was yet to study the problems of the NTC units.The Minister pointed out that the textile industry had been projected to grow at the rate of 16 percent in the next five years to reach the market size of US $ 115 billion and attract an investment of Rs 1,15,600 crore. He noted that the Integrated Textile Park Scheme, for which the funds had been increased from Rs 189 crore in 2006- ’07 to Rs 425 crore in 2007- ’08, would be extended during the Eleventh Five Year Plan to cover more textile parks.Similarly, the Technology Upgradation Fund (TUF) scheme had also been extended for five more years, he said.

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