India textile sector needs more stimulus - minister
NEW DELHI, June 1
NEW DELHI, June 1 (Reuters) - The Indian textile sector will require more fiscal stimulus from the government and 300 billion rupees of investment annually to maintain growth momentum, the textile minister said on Monday.
"There are many challenges before the textile sector. The government will impart momentum to this $52 billion industry by striving to achieve a growth rate of 8-10 percent per annum," Dayanidhi Maran told reporters.
India's textile exports have been hit after recessions at developed nations. (Reporting by Rajesh Kumar Singh; Editing by Ramya Venugopal)
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Prime Minister Narendra Modi will promise on Thursday to provide a bank account for every Indian household when he launches a major initiative that could save billions of dollars in welfare spending and help mend strained state finances. Full Article