India Actively Seeks A Way Out For The Textile Industry

India will convene high-level cabinet ministers' meeting to consider the rescue plan for the textile industry. At present, the textile industry is cutting production and firing workers due to the global economic crisis and slowing domestic economic growth.

Minister of agriculture Sharad Pawar will convene his ministers to participate in the meeting, including textile minister Shankarsinh Vaghela, who will discuss the comprehensive proposal on interest subsidies and adjustment of tax rebates.

Pawar said: "the Ministry of textiles has made some requests to the Ministry of finance, but I am asked to convene meetings to explore a way out.

In recent days, we will convene a meeting.

The textile industry is facing difficulties in purchasing cotton because the price of cotton in the open market is higher than the lowest supporting price.

In the face of the slowdown in the global economic development, in recent months, the textile industry with a value of 52 billion dollars has already laid down 700 thousand workers. If the economy continues to deteriorate, the textile industry will probably reduce 500 thousand workers by March.

At the beginning of this month, the government allocated a total of 14 billion rupees ($294 million 200 thousand) for the technology renewal plan as a stimulus package.

India textile industry employs more than 35 million people.

Yang Jing: editor in charge