`MORE VALUE-ADDED GOODS, NOT SPINNING MILLS'
Article Abstract:
In an interview with The Economic Times, the vice chairman of LNJ Bhilwara group, Mr Shekhar Agarwal opines that the Indian textile industry should go for value added products like garment, processing units which offer better realisation than just increasing spinning mills. According to him, the Indian textile industry is going through a crisis and is faced with over capacity and decline in consumption. The production of the textile industry has dropped and the focus has shifted to exports. He has projected that the textile mills which are economically unviable will be closed down. He wants the textile industry to adopt aggressive quality, products development and take market oriented steps instead of manufacture oriented. The textile industry faces a very high finance and power costs compared to other countries. Indian textile industry gets funds for exports at nine percent interest against seven percent in other countries. The duty on cotton yarn is five percent and synthetic spun is 18 percent which needs to be reduced to less than 13 percent. (rk)(m)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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RIL REFUSED NOD TO PRE-PAY $200-MILLION FOREIGN LOAN
Article Abstract:
The Finance ministry has denied Reliance Industries Ltd permission to pre-pay $200 million to overseas lenders. The company had asked for permission so as to reduce its foreign debt exposure and minimise the risk of higher rupee outgo in the future. The finance ministry is reluctant to allow pre-payments stating that they disturb the Balance of Payments (BoP) in the short term. The company claimed that it would use its dollar reserves parked abroad for the pre-payment but the ministry has argued that even if the dollars are parked abroad, they can still be considered as the country's reserves and would be factored in to BoP calculations. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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FUND FOR TEXTILES PEGGED AT Rs25,000 CR
Article Abstract:
The Indian government has earmarked a fund of Rs25,000 crore towards enhancement of technology in textile sector. The government however made it clear that the fund will not come from its budgetary allocations. It will sanction a subsidy component of Rs3,000 crore for the project. Financial institutions will participate in projects and the government will appoint a nodal agency for handling refinancing activities. (gs)
Comment:
India: Government earmarks fund of Rs25,000 crore towards enhancement of technology in textile sector
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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