The Hindu Business Line : Pdexcil seeks Nabard-like institution

THE Powerloom Development and Export Promotion Council (Pdexcil) has suggested setting up of an exclusive institution on the lines of the National Bank for Agriculture and Rural Development (Nabard) to meet the financial needs of the decentralised powerloom sector.

Addressing the annual general meeting of the council held in Mumbai on Tuesday, the council Chairman, Mr M. Senthil Kumar, said one of the concerns of the powerloom sector is availability of funds through an institutional arrangement and recognising the small-scale sector as a priority sector would enable the powerloom sector coming out of the fund starvation.

The Pdexcil chief also made a strong plea that investment made towards modernisation should be given income tax benefit to encourage more investment into the weaving sector. As for the procedural wrangles faced by the powerloom industry in the wake of the introduction of excise duty on unprocessed fabrics, he suggested that the powerloom manufacturers be asked to furnish annual returns giving details of the excise duty paid at every stage, instead of forcing them to maintain several registers.

With regard to the exports, though the sector had recorded an export growth rate of 3.8 per cent at Rs 4,720 crore for 2002-03, it did not infuse optimism in view of the adverse conditions seen in the export front. The non-announcement of the concessional interest rate on pre/post-shipment credit for the period beyond October 2003. On measures needed to boost exports, the council chairman said that India should seek a firm foothold in the East European markets which were on the verge of joining the European Union and in such an event, it would help India to achieve volume growth in trade to the enlarged EU.

TUFS to be extended till Tenth Plan-end: Mr Senthil Kumar informed the Council members that a decision has been taken at the government to extend the tenure of the textile technology upgradation fund scheme (TUFS) to run till the end of the Tenth Plan.

Article E-Mail :: Comment :: Syndication

Stories in this Section
`Cycer' brings showers in Thiruvananthapuram

Applications for energy conservation awards called

Workplace stress stunts GNP growth: Study

AP hoteliers vow not to employ children

ONGC to pay $135 m for Cairn oil blocks

Ethanol-blended petrol launched across Karnataka

Tata Power asks MERC to sign PPA with BSES

AP Maha Bill scheme

Pdexcil seeks Nabard-like institution

Textile traders set to make Bengal export-import hub

Zee to launch DTH without other major broadcasters on board