Economy

Cabinet approves decision to shut down Handicrafts and Handlooms Export Corporation

Our Bureau New Delhi | Updated on March 16, 2021

The Union Cabinet on Tuesday approved the closure of Handicrafts and Handlooms Export Corporation of India Ltd (HHEC). The corporation, which is a Government of India undertaking, is under the administrative control of the Ministry of Textiles.

An official statement said the decision will help in reducing recurring expenditure on wages of sick CPSE which is not in operation and earning no income.

“There are 59 permanent employees and 6 management trainees serving in the Corporation. All the permanent employees and management trainees will be given an opportunity to avail the benefits of a Voluntary Retirement Scheme (VRS) as per norms laid down by the Department of Public Enterprises,” an official statement added.

Stating that the Corporation was incurring losses since 2015-16 and not earning sufficient income to meet running expenses, the government said there is little scope for its revival and necessitated closure.

Meanwhile, the Cabinet was also informed about the MoU signed between India and Maldives for co-operation in sports and youth affairs, which was signed in November.

Published on March 16, 2021

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