Dealers of Textile Industry were cobbling formal application together during the last week with the wish to avail the P38millions bailout that government is likely to extend for troubling the sector for a period of 2 years.
At the Ministry of Trade and Industry’s Industrial Affairs Department, a committee has been appointed for verifying the anticipated bunch of applications from the industry that is listed among the most affected ones by recession during the previous years.

Thousand numbers of workers lost their jobs as so many companies dealing with the textile industry were shaken last year.

Pressurized by the cheap quality Asian products along with few support of SACU, Southern African Customs Union duty credit certificates, earnings of textile industry lowered down many levels during 2006.

Bailout- designed for improving job retention and competitiveness was basically targeted on the citizen employees and citizen owned companies, by the way of provision kept for financial grant to those organizations that have started taking subsidies for re-employed workers, re-employed citizens otherwise and guarantees of government for loans by CEDA targeted over upgrading of equipments and machinery and working capital.

Guarantee has been raised up to the non-citizen companies that are willing to access it through Venture Capital Fund by CEDA. Alongside, subsidies levied on wages and salaries too will be covering citizen workers that been there in a way helping the organization remain afloat.

Giving confirmation about the raised benefits, Executive Director of BEMA, Botswana Exporter and Manufactures Association, Laogo Raditedu, explained that expectations for the applications are their that are likely to be rolling during the week.

New Delhi: Textile Industry of India, still being in process of recovery from the impact of economic recession is making a move towards grabbing a share in the developing textile market of Latin America.

Brazil and Argentina were major investments in Textile Industry of India, would be playing host to another 22 companies in India likely to participate in Mega Textile and Clothing Exhibitions to be held in Buenos Aires at Argentina on 25th -26th March 2010 and on 29th-30th March 2010 at Sao Paulo in Brazil under flag of SRTEPC, Synthetic & Rayon Textiles Export Promotion Council.

Ambassador of India to Argentina, Paraguay and Uruguay, R Viswanathan said, Focus area is Latin America having huge potential for growth and expansion of textile export as India exporters is still not familiar with all these markets. Among the Latin American Countries, Argentina and Brazil are holding the highest potentials for raising the textile and clothing exports from India.

Though Argentina and Brazil import clothing & textiles worth Rs. 7,290crores and Rs. 17,243crores respectively, share of India in these markets is almost negligible at 6% & 12% respectively. Hence, tremendous scope is there getting an increase in the exports of Indian textiles especially to these markets and the mega events are meant to access this objective, explained Vishwanathan.

Event is a collective effort scheduled by SRTEPC in co-operation with Apparel & Cotton Textile Export Promotion Councils (AEPC & TEXPROCIL), in accordance with the active participation of concerned Missions from India.