Soon textile industry may get a solution for increased raw material prices as the Government has indicated to come up with few measures in this regard.
Nitin Gadkari, Union Minister for MSMEs, has said that the Union Government is looking at measures to control raw material prices.
He was interacting with the industry stakeholders in Coimbatore after inaugurating a virtual Foundry Conclave organised jointly by the Confederation of Indian Industry (CII) and the Institute of Indian Foundrymen.
Industry stakeholders also raised the issue of shortage of containers for exports. The Minister assured that the situation is expected to normalise in next 2 or 3 weeks.
“The Government is aware of the problems faced by the MSMEs because of the issue. We are very seriously working on a proposal on how we can control prices of raw materials,” he said.
He also urged the industry also to suggest measures to resolve it.
The Minister also said that the manufacturers should focus on quality and also reduce the production cost. He insisted on the use of good technology and urged the industry to explore joint ventures to get better technology.
He added that the Government wants to make India a global manufacturing hub. The Indian exporters can become major suppliers to different countries that are looking at alternatives.