By IANS
New Delhi : Finance Minister P. Chidambaram Thursday met representatives of the textile industry and assured concrete steps from the government to help them overcome the crisis on account of the rising rupee.
“The finance minister was very positive. He assured us the government will come out with concrete steps to help all exporters hit by the appreciating rupee,” said Rakesh Kumar, executive director, Export Promotion Council for Handicrafts.
“The minister has given us hope. He has asked us to work hard. We will wait for the government to formulate whatever steps it intends to take,” Kumar said after the meeting that was also attended by representatives of commercial banks.
The exporters had asked for the government’s support, saying tens of thousands workers had already lost their livelihood and that more workers and artisans would be distressed if adequate steps were not taken immediately.
They also told the meeting that they were losing market share to counties like Bangladesh and China because of the rupee appreciation and that the loss would become permanent if the situation were allowed to persist.
Officials said senior functionaries of the finance ministry and the banking industry have been asked to come back to the finance minister with possible steps which the government can take to tide over the situation.
According to industry statistics, the Indian textile industry directly employs 35 million people. With 25 million acres under the cotton crop, some 60 million uneducated and unskilled men and women are employed in the rural areas.