The upbeat mood that has come to prevail in the organised and composite sector of the Indian textile industry and its gratitude for the favourable policies of the government were voiced by the chairman of the Indian Cotton Mills Federation, Chintan Parikh, at its 45th annual general meeting held in Mumbai on September 24. After some difficult years, he said, there were indications that the industry was coming out of the woods. The consistent efforts of the Federation in recent years to achieve a policy framework conducive to the overall development of the industry, with each segment playing its legitimate role on the strength of its core competences, had substantially succeeded this year. The rationalisation of the excise duty structure, announcement of a debt restructuring scheme for mills and reduction of the hank yarn obligation were clear indications that the approach of the government towards the textile industry no longer showed any bias against the organised sectors. The results were already visible in the industry, and he was sure this trend would continue.
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