Citing a 50-70% drop in capacity utilization 50% to 70%, the Confederation of Indian Textile Industry (CITI) sought extension of the one-year moratorium for repayment of the principal amount, and conversion of three-year loans under Emergency Credit Line Guarantee Scheme (ECLGS) into six-year term loans.
Government will soon issue 65 quality control orders (QCOs) which will cover over 500 products to contain imports of sub-standard goods and boost domestic manufacturing. Under these orders, items cannot be produced, sold, traded, imported and stocked unless they bear the Bureau of Indian Standards (BIS) mark. Violation of the law can attract a penalty of up to two years of imprisonment or a fine of at least Rs 2 lakh for the first offence, which increases to Rs 5 lakh minimum for the second and subsequent offences.
The Centre is running PLI programmes worth ₹1.97 lakh crore for 14 sectors in which India aims for self-reliance. These sectors include mobile manufacturing and specified electronic components, critical key starting materials, drug intermediaries and active pharmaceutical ingredients, speciality steel, automobiles and auto components.
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Weakening demand, inflation, and geopolitics - major causes for prolonged recession in the global textile value chain webindia123.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from webindia123.com Daily Mail and Mail on Sunday newspapers.