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shubham_tiwari
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The textile industry is the bggest 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 Governments 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. In order to encourage handlooms,
restrictions were puton the organised textile mills, which led to spraw-
ling of a large number of powerlooms, enjoying various excise
concessions and paying lows wages to their works and to unequal
competition with the mill sector.
The new policy gives an assurance that Government policies would
aim at accelerating the pace of modernisation in the textile industry. A
national level standing advisory committee is proposed to be set up for
indentifying the needs and type of modernisation required. Textile in-
dustry and machinery, it not manufactured indigenously, would be
allowed to be imported liberally at or near international prices.
In order to enable the industry to get required resources for moder-
nisation, a fund for the purpose will be created. For the purpose of modernisation,
adequate funds would continue to be provided under the soft loan scheme of the IDBI, With the backing in modernisation
it is estimated that today the cotton textile industry would require an
investment of about Rs. 2,300 crores for it s modernisation and techno-
logical upgradation.
It is felt that creation of modernisation fund itself will not help
speed up modernisation unless adequate finance at reasonale
interest is made available to the concerned mill, Modernisation of mills
would improve efficiency and productivity of mills, which will enable
them to compee effectively not only with powerlooms inside the
country but also in international markets. This should the textile mills
to increase the exprots of fabrics from India.