The Union Ministry of Textiles has been urged to facilitate opening of common selling offices or facilitation centres in China by the Indian Texpreneurs Federation (ITF).
D Prabhu Dhamodharan Federation Secretary, in a memorandum to the Ministry Secretary S K Panda, said that in recent times, the Chinese yarn buyers and traders, collectively, have been crushing the Indian yarn manufacturers, making this move necessary.
Indian spinners could open and operate common selling offices or facilitation centres in China to counter the Chinese onslaught. This would encourage close interaction among Indian industrialists and prevent buyers from exploiting them. Besides, this would strengthen the Indian buyers’ position with constant market intelligence.
The Ministry only needs to facilitate it as industry stakeholders would bear all expenses. Dhamodharan feels that the Ministry should initiate textile-specific agreements quickly for untapped markets instead of waiting for mega trade agreements to be signed. He also said that a strong recommendation to the Commerce Ministry is necessary to speed up the process.
Rationalisation of duties on man-made fibre for Indian products to compete in the international market is another point mentioned in the memorandum. Dhamodharan believes that this was the only way to achieve the targeted growth in the export market. Continuous decrease in export of MMF goods and increase in imports of MMF-based products clearly indicate international trends. Intervention on duty rationalisation cannot be delayed any further, he stated.
Dhamodharan averred that interest subvention for export of yarn and fabrics will boost exports and support the domestic market.
www.itf.org.in
