Futures and Commodity Market News

Fri May 16, 2008

Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts

Chennai, May 10, 2008 (Asia Pulse Data Source via COMTEX) -- The government is considering importing cotton from African nations and Uzbekistan to provide relief to the textile sector, Minister of State for Textiles E V K S Elangovan said today.

"The government will soon take a decision on the possibility of importing cotton from African nations and Uzbekistan. The Centre and the state governments concerned will also initiate discussions to check the rising prices of yarn," he told reporters here.

He said the government had already announced a package of Rs 5,000 crore for the promotion of textile sector, which was severely affected due to rupee appreciation. Value of rupee had appreciated against major currencies in 2007. Against dollar it rose more than 12 per cent.

The minister said that the handloom sector was in dire need of "market orientation", and the government had decided to amalgamate the marketing promotion programme and handloom export scheme of the tenth five year plan with modifications and addition of new components in the eleventh plan.

"The government's endeavour is to give new directions to the existing policies so as to provide the handloom sector critical developmental inputs like easy and adequate credits, production, marketing infrastructure and appropriate technology," he said.

Copyright 2008 APU Newswire. All rights reserved.

Please read the End User Agreement.
By accessing this page, you agree to the terms and conditions of the End User Agreement.

News provided by COMTEX