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TEXPROCIL hails resumption of India-EU trade agreement
ANI
02 Jun 2021, 21:18 GMT+10
Mumbai (Maharashtra) [India], June 2 (ANI/NewsVoir): Manoj Patodia, Chairman, The Cotton Textile Export Promotion Council (TEXPROCIL) welcomed the present developments of resumption of talks under the leadership of Hon ble Prime Minister Narendra Modi. Resuming the long pending negotiations will benefit the bilateral trade between India and the European Union.
The European Union, he stated, is the single largest region importing TextileClothing products in the world, accounting for US$ 131 billion in the year 2020, of which India s market share is approximately 4%, whereas market share of Bangladesh is approximately 11% mainly because of Zero duty tariff advantage.
Industries seek early release of support under ECLGS
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AAA Micro, Small and Medium-scale Enterprises (MSMEs) here have urged the banks to release at the earliest the 10 % assistance announced by the government under the Emergency Credit Line Guarantee Scheme (ECLGS).
R. Ramamoorthy, former president of the Coimbatore District Small Industries’ Association, said the units had sought 40 % support when the Scheme was announced last year. However, the government had announced 20 % assistance. It has now provided additional 10 % support. The government should provide another 10 % assistance under the Scheme and the banks should start releasing the funds at the earliest. “It will help the MSMEs disburse salaries and meet other fixed expenses,” he added.
The Centre for Research on Multinational Corporations (SOMO) and Arisa, an independent human rights organisation, have alleged forced labour at the spinning mills in Tamil Nadu.In a report ‘Spinning A