The Hindu : Tamil Nadu News : Centre will pay special attention to textile industry: Chidambaram

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Sunday, Apr 20, 2008
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Tamil Nadu

Tamil Nadu

Centre will pay special attention to textile industry: Chidambaram

Staff Reporter

Assures entrepreneurs of all help to tide over crisis

— Photo: M. Balaji

ON THEIR WAY: Union Finance Minister P. Chidambaram and Union Textile Minister Shankersinh Vaghela (second from right), arriving to inaugurate the Palladam Hi-tech Weaving Park on Saturday.

TIRUPUR: The Centre will pay special attention to the ailing textile industry this year, Finance Minister P. Chidambaram said here on Saturday.

Speaking after inaugurating Palladam Hi-tech Weaving Park, the first in the country under the Scheme for Integrated Textile Parks, the Minister said appropriate decision would be taken at an appropriate time to help the textile sector.

On rupee appreciation, Mr. Chidambaram said it was unavoidable when the economy of the country was growing fast.

Note of optimism

Stating that industries had to face some difficulties and crisis in a business cycle, Mr. Chidambaram hoped that the sluggishness and setback in the textile sector would not last long.

Citing the removal of CENVAT (Central Value Added Taxes), increased allocation of funds under the Technology Upgradation Fund Scheme and doing away with import duty for machinery, he said the Centre had always been sympathetic to the textile sector, and assured entrepreneurs that he was fully aware of their problems and would extend all help to tide over the difficulties.

“Cartoonists to edit writers to economists criticised the government when the rupee was depreciating. The same people now find fault with us for the rupee appreciation. What to do? In a growing economy these changes are unavoidable.”

Stating that the currency volatility would be advantageous to some section and a problem to others, Mr. Chidambaram asked the entrepreneurs to make necessary changes in their functioning and policies to face the reality. Tamil Nadu Handlooms Minister N.K.K.P. Raja appealed to Mr. Chidambaram to waive Rs.1,500 crore loan barrowed by weavers across the country. Highways Minister M.P. Saminathan demanded an enhanced allocation of funds from NABARD to lay black-top roads in rural parts of the State.

Union Textile Minister Shankersinh Vaghela presided. Union Minister of State for Textile E.V.K.S. Elangovan, Tamil Nadu Rural Industries Minister Pongalur N. Palanisamy and several others spoke.

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