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Published
Mar 18, 2020
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CITI asks government for relief package for textile industry

Published
Mar 18, 2020

The Confederation of Indian Textile Industry has asked the Union Government to create a relief package for the textile and clothing industry as international and domestic trade grinds to a halt.

CITI hopes financial aid will alleviate strain caused by the coronavirus-led shutdown

 
CITI has asked the government to reduce bank interest rates and extend soft loans to clothing and textile businesses to help them survive the coronavirus-led financial crisis, ET Bureau reported.

The organisation also asked for a moratorium for the repayment of principal and interest amount to Indian banks for the coming four financial quarters and the exemption of all raw materials, dyes and chemicals, intermediaries, spares, and accessories from anti-dumping duty and basic customs duty.

“The spread of the virus in China and which later got spread to EU and USA has majorly impacted us as they are huge markets for Indian textile products,” said CITI’s chairman, T Rajkumar, in a press statement on March 17. 
 
Rajkumar also reported that domestic clothing and textile sales have dropped significantly due to fears over the virus causing shoppers to remain at home. Whilst CITI said it supports the government’s measures to contain coronavirus, the organisation stated that these measures have driven the industry’s sales to a halt.
 
“Include cotton yarn and fabrics under Rebate of State and Central Taxes and Levies, Interest Equalisation Scheme, and Merchandise Exports from India Scheme benefits with immediate effect to prevent job losses for lakhs of people in the handloom, powerloom and spinning sectors,” demanded Rajkumar.

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