Loading…

+917718880355

news

Halwankar sees privatization a viable option for revival of sick textile mills

YarnsandFibers News Bureau 2014-11-19 16:00:00 – Kolhapur

The newly-restructured committee on reforms in the power looms and textiles sector, under the chairmanship of Suresh Halwankar has been asked by the government to come up with some recommendations for the survival and growth of the textile industry. In this connect, he sees privatization as one-time settlement scheme for sick textile mills, where private players will be given 51% share of the mill to revive them.

Suresh Halwankar also the BJP MLA at a meeting on Tuesday with various stake holders, including textile mill operators, yarn producers, weavers, ginning factories and processing industry said that as he find it is a viable option, would be including it in his recommendations to the state cabinet

Halwankar is looking at the one-time settlement scheme for sick textile mills, where the interest amount can be waived off. Out of the remaining capital, 51% will be brought by the private players and the sick mill can start functioning. It will generate business for cotton growers and create employment in the region. Once the private players enter with their own money , there will be financial discipline in the functioning of the mill.

Another good recommendation came up from Kiran Talekar, a power loom operator from Vita tehsil in Sangli district was refund of the value added tax collected on cotton purchase which is at present not refunded to the power loom operators. If such refund is made available after a certain period, the operators will benefit from it and can run the business even during thin margins. Such arrangements are given in some states. If the Maharashtra government also adopts a similar scheme, it will benefit the textile industry.

Halwankar has been given only 100 days to submit a report for review of the state government's textile policy formed in 2012 and also put forward recommendation for the survival and growth of the textile industry.

0 0 vote
Article Rating
0 Comments
Inline Feedbacks
View all comments

Market Intelligence

Ask for free sample Report


why us?
21 yrs

experience

Fortune 500

Customer Base

100%

dedicated team

55+

Countries Served Worldwide


newsletter

Register below to receive our newsletters with latest industry trends and news!

WeCreativez WhatsApp Support
Our support team is here to answer your questions via WhatsApp. Ask us anything!
? Hello