Textiles Minister supports raising interest subvention for handicrafts
Updated: Jul 25, 2013 10:02:36am
Jaipur, Jul 25 (KNN) The demand for raising of interest subvention for handicrafts and the cottage sector from the existing two per cent to five per cent is genuine, said Union Minister of Textiles K S Rao.
He also said, the cost of funds as on today is high and needs to be reasonable so that people could invest more in their business and not in other investment avenues like gold and other fixed assets, which are not productive for national growth.
Skill development is the need of the hour and it is important to establish worker linkages between MNREGA and production in the cottage sector, he told exporter, saying he would take up the matter in the Cabinet.
Rao also mentioned that he is likely to hold a meeting with the Ministry of Finance and discuss issues related to service tax on participation in overseas fairs/exhibitions by exporters and also on membership fees of export promotion councils.
Significantly, he assured that a grant of Rs 10 crore would be put into action at the earliest for the Handicrafts Productivity Centre and announced that the problem of wool sector related to quarantine at ports was waived off through the intervention of his Ministry.
The Minister laid the foundation for the Handicrafts Productivity Centre in the state which is being implemented by the Export Promotion Council for Handicrafts with partial funding from the Ministry of Textiles. The facility will come up in an area of 4000 sq mtrs with an estimated cost of around Rs 10 crore.
Export of handicrafts has shown an increase of Rs 534.57 crore, from Rs 3185.95 to Rs 3720.52 crore, an increase of 16.78 per cent in rupee terms and an increase of USD 73.88 million, from USD 591.36 million to USD 665.24 million, an increase by 12.49 per cent in dollar terms during the first quarter of the current financial year i.e 2013-14 over the similar period in 2012-2013. (KNN/SK)
He also said, the cost of funds as on today is high and needs to be reasonable so that people could invest more in their business and not in other investment avenues like gold and other fixed assets, which are not productive for national growth.
Skill development is the need of the hour and it is important to establish worker linkages between MNREGA and production in the cottage sector, he told exporter, saying he would take up the matter in the Cabinet.
Rao also mentioned that he is likely to hold a meeting with the Ministry of Finance and discuss issues related to service tax on participation in overseas fairs/exhibitions by exporters and also on membership fees of export promotion councils.
Significantly, he assured that a grant of Rs 10 crore would be put into action at the earliest for the Handicrafts Productivity Centre and announced that the problem of wool sector related to quarantine at ports was waived off through the intervention of his Ministry.
The Minister laid the foundation for the Handicrafts Productivity Centre in the state which is being implemented by the Export Promotion Council for Handicrafts with partial funding from the Ministry of Textiles. The facility will come up in an area of 4000 sq mtrs with an estimated cost of around Rs 10 crore.
Export of handicrafts has shown an increase of Rs 534.57 crore, from Rs 3185.95 to Rs 3720.52 crore, an increase of 16.78 per cent in rupee terms and an increase of USD 73.88 million, from USD 591.36 million to USD 665.24 million, an increase by 12.49 per cent in dollar terms during the first quarter of the current financial year i.e 2013-14 over the similar period in 2012-2013. (KNN/SK)
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