Normalcy may return to garment sector soon: FM

New Delhi, Aug 10 (PTI): The Indian garment and knitted fabric sector is witnessing a bit of uncertainty due to the Bangladesh crisis, Finance Minister Nirmala Sitharaman said on Saturday, expressing hope that the interim government there will settle things “sooner rather than later.”

Interacting with the media on the sidelines of customary post Budget address to the central board of Reserve Bank of India, she said efforts are being taken to ensure that borders with the neighbouring country are safe.

With regard to Indian investments, she said, the textile industry particularly from Tamil Nadu has made investments there in good faith and they have done well having gone there.

“The exports from Bangladesh also increased because of the duty and quota liberal approach that we have towards low-income countries. They (Indian garment industry based in Bangladesh) could even export to India.”

Particularly, she said, the garment and knitted fabric sector is seeing a bit of uncertainty because of the crisis in the neighbouring country.

“I hope that the investments are all safe… it’s too early for me to see what kind of an impact this situation in Bangladesh will have on our economy. I hope that the interim government will settle things sooner rather than later so that both the people of Bangladesh and India can get back to normalcy,” she said.

‘Banks need to be innovative’

Sitharaman also asked banks to come up with innovative and attractive schemes to mobilise deposits.

Addressing the media after the board meeting of the Reserve Bank of India, she said that deposits and lending are the two wheels of a cart and “deposit is moving slowly.”

The banks, she stressed, need to focus on core banking business which is mobilising deposits and lending to those who need funds.

In order to overcome the mismatch between deposits and lending, Sitharaman asked banks to come up with “innovative and attractive” deposit schemes to mobilise funds from the people.

RBI Governor Shaktikanta Das said that interest rates are deregulated and often banks raise deposit rates to attract funds.

“Banks are free to decide on interest rates”, Das added.

Hot this week

Meghalaya man missing in Bangkok

Shillong, Jan 10: A 57-year-old Meghalaya resident, Mr. Treactchell...

Pay hike of Assam ministers, MLAs likely as 3-member panel submits report

Full report likely by Oct 30 Guwahati Sept 25: There...

ANSAM rejects Kuki’s separate administration demand, says bifurcation not acceptable

Guwahati, Sept 8: Rejecting the separate administration demand of...

Meghalaya’s historic fiber paves the way for eco-friendly products and sustainable livelihoods

By Roopak Goswami Shillong, Oct 25: From making earbuds to...

Meghalaya Biological Park Inaugurated After 25 Years: A New Chapter in Conservation and Education

Shillong, Nov 28: Though it took nearly 25 years...

Journalism: The Watchful Eye Safeguarding Democracy

By Dipak Kurmi Journalism has long been heralded as the...

Smartphones for over 6,000 Anganwadi workers

Shillong, Mar 29: The Centre has sanctioned over Rs...

QR code-based tracking for excise products soon

Shillong, Mar 29: In order to check leakage of...

NHAI asked to complete NH-6 repair before rains

Shillong, Mar 29: A team of East Jaintia Hills...

Suspension bridges to connect remote villages: CM

Shillong, Mar 29: The state government has launched a...

Solar cookers set to transform lives in remote Garo Hills village  

Govt identifying remote villages to provide solar electrification: Conrad Shillong,...

Powerful quake rocks Myanmar and Thailand, kills more than 150 people

Bangkok, Mar 29: A powerful earthquake rocked Myanmar and...

Committee on inheritance reconstituted

Shillong, Mar 28: The Khasi Hills Autonomous District Council...
spot_img

Related Articles

Popular Categories

spot_imgspot_img