Union textile minister Anand Sharma said, the slowdown in the textile sector is a matter of concern. High raw material price volatility in the last cotton season i.e. October-September 2010-11 and sharp decline in cotton prices in April 2011 had badly affected the domestic textile industry.
Sharma said 'there is a slowdown in the textile sector. It is a matter of concern. One of the reasons is the impact of global economic slowdown. As per the Confederation of Indian Textile Industry (CITI) data, of the 287 textile firms listed on the Bombay Stock Exchange, around 122 reported net losses on the first quarter of current financial year and around 166 had bad results compared to the same period last year.
The opposition parties are of the view that the dumping of foreign goods has added the woes of the weavers. On this issue Sharma said, the government will look into the complaints of dumping of silk and textile goods by foreign countries.
Opposition parties also expressed concern over the poor situation of weavers across India, on this issue Sharma said the government would take all steps to provide assistance to the weavers and help the marketing and export of the Indian textiles.
Textile minister further said, 'the cabinet had sanctioned an Rs.3, 800 crore relief package for the weavers in the country recently. Several high-powered committees and the Planning Commission were studying the problems of the weavers in detail'.
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