January 18, 2002

`19'

    The report of the Steering Group under the chairmanship of Shri N.K. Singh, Member, Planning Commission on Fiscal Policy for Textile Industry was submitted to the Prime Minister in New Delhi today.

    The Ministry of Textiles had made a presentation to Prime Minister on 23^rd October, 2001 on the Indian Textile Industry highlighting its present problems and potential for growth. The Prime Minister had constituted a Steering Group on Investment and Growth in Textile Industry under Shri N.K. Singh, Member Planning Commission which inter alia included Secretary (Textiles), Secretary (Revenue), Secretary (Labour), Secretary (Chemicals & Petrochemicals), Additional Secretary (Banking), DGFT and representatives from CII, FICCI and ASSOCHAM. The Group held wide ranging discussions with various segments of trade and industry and has decided to make its recommendations in two parts. In part I, called Interim Report, the Group had made recommendations relating to the fiscal policy for the Textile industry. In Part-II of the Report, it would cover other areas like steps for modernization of the Textile sector, specific steps for augmenting export capability and other related and long-term policy issues.

    The Interim Report of the Group was submitted to the Prime Minister today so that these could constitute inputs in the on-going budgetary exercise by the Ministry of Finance.