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Industrialists seek govt support to safeguard textile industry

India's top industrialists have sought protection for the textiles and steel sectors against cheap imports getting dumped in the country. The made this plea at a meeting with Prime Minister Narendra Modi, called in the wake yuan devaluation that led to Sensex falling drastically and rupee’s devaluations. Modi discussed ways to improve the economy and called for more investment in the manufacturing sector to take advantage of the declining yuan.

Reliance group chairman Mukesh Ambani pointed out that the worst news from China may not be over yet. Ambani and Aditya Birla Group Chairman K M Birla also sought assistance in boosting the textiles sector, which is the second largest employer in India. After Chinese currency yuan was devalued on August 10, rupee recorded its sharpest decline among its competing countries including China, Vietnam and Bangladesh. Meanwhile, Textile industry body Cotton Textiles Export Promotion Council (Texprocil) has urged the central government to extend benefits for garment exporters.

www.ril.com

 
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