Published on January 13, 2014

Textile industry has requested Reserve Bank of India to prioritize the textile sector by making liberal credit policy for the sector.

Tripura Exporters’ Association has also asked RBI for separate section for exports sector in the monetary policy, signifying that banks might change composite audit rating mechanism so that small, micro and medium enterprises do not have to bear any extra cost for rating.

Industry bodyFederation of Indian Chambers of Commerce and Industry(FICCI) has suggested some steps for the growth of textile industry. 

This suggestion includes labour reforms and lowest slab of GST (Goods and Service Tax) for the sector to boost the export of the country. FICCI’s chairman of textile committee said that this industry needs to be kept in the lowest slab of GST (Goods and services Tax) because this industry provides basic requisites to the masses with huge scale employment potential.

Other suggestion includes for setting up of pollution free zones for textile processing for helping in increasing export from our country. Indian market shows steady trend for this sector for the current week, as per our industry sources.