FM Chairs Textile Industry Representatives' Meet on Economic Challenges
Union Finance Minister Nirmala Sitharaman led an interactive session with textile industry representatives, addressing the economic difficulties currently impacting the sector, including worries about a 50 percent tariff imposed by the US.
BJP Tamil Nadu state chief Nainar Nagenthiran and BJP national women's wing president and Coimbatore South MLA Vanathi Srinivasan also took part in the meeting.
Recently, Chief Minister M K Stalin stated that the increase in the US tariff to 50 percent has had a significant negative effect on the state's exports, causing a loss of around Rs.3,000 crore to Tiruppur and jeopardizing thousands of jobs.
He urged the Union Government to implement a relief and structural reforms package to protect both industries and workers.
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Makkal Needhi Maiam (MNM) party founder and MP Kamal Haasan called on both the central and state governments to take immediate action in providing support to Indian exporters.
While addressing the 120th foundation day of City Union Bank, which was chaired by President Droupadi Murmu, the minister mentioned that a task force is working on "next-generation" strategies to streamline GST regulations ahead of an upcoming council meeting on Wednesday and Thursday.
She described this reform as part of the government’s larger plan to foster growth based on "trust, technology, and transparency."
In her speech, President Droupadi Murmu acknowledged that although there has been progress, challenges in digital literacy and financial awareness still exist. She encouraged banks to focus on empowering farmers and the rural economy, emphasizing the importance of payment banks, digital wallets, and banking correspondents in providing services to remote villages.
Sitharaman met with representatives from the textile industry in Chennai, who are suffering under the 50 percent US tariff. This meeting followed appeals from CM MK Stalin and Industries Minister TRB Rajaa, who warned that up to 30 lakh jobs could be at stake.
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Exporters, including SK Sundararaman, chairman of the Southern India Mills’ Association, and A Sakthivel, chairman of Apparel, Made-Ups and Home Furnishing Sector Skill Council, along with members from 31 textile industry associations, submitted a joint memorandum to the minister. They requested relief in the form of liquidity assistance, eased repayment terms, and urgent fiscal measures.