There can be no two opinions on the principal role that the textile and textile-related industry is playing in the employment and export sectors. More than 60% of the country's foreign exchange comes from this sector.
Some two years ago, the National Productivity Organisation worked out a very innovative upgradation plan for power looms and invited bankers and leasing companies to align with the NPO to put into practice customised financial products towards the perceived objectives.
In view of the overwhelmingly dominant status of the textile sector in our economy, the stakeholders looked to the scheme with great anticipation. It is very disappointing to say that the announcement of the Ministry of Industries and Production advanced no further than a mere paper exercise.
It is also probable that no bank or financial institution came forward to favourably respond to this highly valuable idea. In that case the government may enlist the services of the SME Bank to set up a paradigm case to prove its feasibility.
In any case an announcement from the National Productivity Organisation to abreast the textile fraternity of the fate of the scheme would be much in the fitness of things.