India cotton council has mixed feelings about new policy
Home & Textiles Today Staff -- Casual Living, August 31, 2009
New Delhi – The chairman of India’s cotton export council both hailed and criticized the government’s new trade policy, which will pursue trade for India’s goods in 26 new markets in Latin America, Asia and Africa.
“The ambitious targets set up by the government in the New Policy such as achieving an annual export growth of 15% with an export target of US$ 200 billion by March 2011 and the long term goal of doubling India's share in global trade by 2020 are possible to achieve only when due importance is given to the textile export sector” said Shri V.S. Velayutham, chairman, Texprocil.
While happy the policy incorporates finished textiles, knitted fabrics, crochet fabrics and synthetic fabrics, Velayutham said he was disappointed as products such as woven fabrics and denim were not included.
He also expressed displeasure with an additional duty credit of 1% and urged the government to raise the duty entitlement passbook rates for fabrics.