Left Menu
Development News Edition

Textiles Minister says looking at reducing hank yarn obligation

PTI | Mumbai | Updated: 16-01-2020 21:57 IST | Created: 16-01-2020 21:57 IST
Textiles Minister says looking at reducing hank yarn obligation

Union Textiles Minister Smriti Irani on Thursday said her ministry is looking at reducing the hank yarn obligation. Irani said the government has already partially eased the challenges related to hank yarn obligation, which the industry has been facing from the last two decades.

"We are actively pursuing reducing hank yarn obligation even more," Irani said at an event organised by The Cotton Textiles Export Promotion Council (Texprocil). The hank yarn obligation is a mechanism to ensure adequate availability of hank yarn to handloom weavers at reasonable prices.

The existing norms prescribe that every producer of yarn who packs yarn for civil consumption shall pack at least 30 per cent of yarn in hank form on quarterly basis. In the textile industry, a hank is a coiled or wrapped unit of yarn or twine (as opposed to both other objects like thread or rope as well as other forms such as in a ball, cone, bobbin, spool, among others).

The industry is demanding that the obligation should be reduced in the 10-20 per cent range. She said one of the issues faced by the industry is procurement of cotton by Cotton Corporation of India (CCI) and its sale to the industry at a competitive prices.

"The ministry and the industry are jointly making efforts to ensure a speedy resolution to this challenge," she said. Irani said the textile ministry is actively pursuing with the finance ministry on the inverted duty structure. In the textile industry, there is high duty on raw material compared to the finished product.

The union minister also urged Texprocil to hand-hold small firms to become mid-sized companies.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Russia welcomes US proposal to extend nuclear treaty

The Kremlin on Friday welcomed US President Joe Bidens proposal to extend the last remaining nuclear arms control treaty between the two countries, which is set to expire in less than two weeks.Russian President Vladimir Putins spokesman, D...

Lahiri off to a fine start with 68, lies 15th at American Express golf tournament

Anirban Lahiri got off a to fine start with a four-under 68 and was lying tied 15th after the first round of the American Express golf tournament.The Indian opened with a bogey, but steadied himself to pick five birdies and finish with a so...

High-end Classic Design, Health and Sports or Everyday Use, Huawei has a Lineup of Wearables for Every Need and Every Budget

New Delhi, Delhi, India NewsVoirThe demand and popularity for smartwatches are at an all-time high, with different kinds of users wanting more from their smart companions priced at different points. While some users opt for a premium option...

Long queues as China's capital launches mass virus tests

Beijing launched mass COVID-19 testing in some areas on Friday and Shanghai was testing all hospital staff as China battles its worst outbreak of the disease since March, with families fretting over Lunar New Year reunion plans amid new cur...

Give Feedback