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“Nothing for textile industry”

Staff Reporter

Karur: The Union Budget 2008-09 has evoked mixed responses in Karur district. While the farmers have welcomed it with some reservations, the textile exporters say their expectations of sops to the troubled industry have been belied.

“We welcome the proposal to waive crop loans of small and marginal farmers. But the Union Finance Minister should understand that debt burden and suffering is common to all farmers. It would be a balanced budget for the farmers if only the crop loan waiver facility is extended to all farmers and not just to a section of them,” the Convener of Farmers Discussion Group Kulithalai A.V. Gopaladesikan said.

If that is the case for farmers who had something to cheer about, those in the other end of the spectrum the textile industry received the budget with a none-too-good expression. In fact, the industry leaders claimed that there was nothing in the budget to enthuse the problem-ridden industry.

“The Finance Minister has not addressed our core concerns. There is practically little to help us textile exporters to overcome internal crises such as fluctuating yarn price and cotton arrivals and external issues such as Rupee appreciation that is affecting the exports badly,” says President of the Karur Textile Manufacturer Exporters’ Association V. Kumar.

The textile industry expected sops including in sectors such as service tax areas, preferential rebate in bank lending rate, providing a positive direction to the various fiscal issues confronting the industry but found nothing.

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