CITI Chairman highlights financial problems and skill development needs of textile industry

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CITI Chairman highlights financial problems and skill development needs of textile industry. The 53rd Annual General Meeting of Confederation of Indian Textile Industry (CITI), the apex chamber of the textiles and clothing industry, was held in Mumbai on 30th September 2011. Shishir Jaipuria the outgoing Chairman pointed out in his address to the AGM that the textile sector of the country has gone through a very difficult period during the last 6 – 9 months and is currently facing problems in repayment of loans because of their financial conditions. He has requested for some liberalization in the norms for restructuring of term loans so that mills turning into NPA can be avoided.

Shishir Jaipuria highlighted the skill development requirements of the textiles and clothing industry for meeting its requirements of workers on a longterm basis. He announced that CITI would be undertaking a large skill development project aiming at training around 1.5 million workers for the industry during the next 10 years. Jaipuria pointed out that interference of Government with the operations of the spinning industry, especially export of cotton yarn, and continued excise duty, customs duty as well as anti dumping duty on manmade fibres have contributed substantially to the present situation of the industry.

New Office Bearers of CITI

The Committee of the Confederation of Indian Textile Industry (CITI) at its meeting held on September 30, 2011 in Mumbai unanimously elected S. V. Arumugam as Chairman, Prem Malik as Deputy Chairman and Mukund Choudhary as Vice Chairman of CITI for 2011-12.

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