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Sameonidas
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The textile industry is the biggest industry in India, its importance to the Indian economy being only next to agriculture. But the industry has been struggling for its survival in the last three and a half decades largely due to the Government's rigid and restrictive policy, apart from managerial failures. As a result , as many as 145 textile mills out of the total of 724 have became sick.l In order to encourage handlooms, restrictions were put on the organised textile mills, which led to sprawling of a large number of powerloms, enjoying various excise concession and paying lows wages to their works and to unequal competition with the mill sector. The new policy gives and assurance that Government policies would aim at accelerating the pace of modernization in the textile industry. A national level standing advisory committee is proposed to be set up for identifying the needs and type of modernization required. Textile industry and machinery, it not manufactured indigenous, would be allowed to be imported liberally at or near international prices.
In order to enable the industry to get required resources for modernization, a fund for the purpose will be created. For the purpose of modernization, adequate funds would continue to be provided under the soft loan scheme of the IDBI. With the backing in modernization it is estimated that today the cotton textile industry would require an investment about RS. 23,00 crores for its modernization and technological upgradation.
It is fell that creation of modernization fund itself will not help speed up modernization unless adequate finance at reasonable Interest is made available to the concerned mill. Modernization of mills would improve efficiency and productivity of mills, which will enable them to compee effectively not only with powoerlooms inside the country buy also in International markets. This should the textile mills to increase the export of fabrics from India.
The new policy gives an assurance that Government policies would aim at accelerating the pace of modernization in the textile industry.l A national level standing advisory committee is proposed to be set up for identifying the needs and type of modernization required. Textile industry and machinery, it not manufactured indigenously, would be allowed to be imported liberally at or near international prices.