Rita Menon optimistic about industry

Rita Menon will hand over the regime of textile secretary to her

successor as she vacates the place by December 31. But before making an exit, she has plans for improving the textile industry, especially at a time when the industry is witnessing the most difficult year.

Expressing her views on the failure of restructured TUF scheme this time around, she feels that the time it was introduced, was the most difficult one for the industry. Increase in cotton prices followed by low or no international demand dampened the spirits of industry players, so, the TUF scheme did not get a positive response initially, but it may take-off in the near future. And though the target of Rs 1,972 crores of actual planned subsidy outgo for this year may not be achieved, textile ministry is hopeful that it would catch momentum.

She has also been in talks with banks and has appealed to the Reserve Bank of India to get their formal approval on re-classification, so that the debt remain standard assets — and not non-performing assets by keeping a moratorium of a year or two.

With the National Fibre Policy being pushed to 12th Five Year Plan, the office of textile secretary is looking at skill development, promotion of handlooms sector and subsidies and interest subvention for weavers. The development of textile parks would also be the highlight of this policy. The policy would also focus on the development of technical textiles apart from big plans for the jute and silk industry. Developing Tirupur cluster is also on the agenda of the ministry of textiles.