Spinning sub-sector likely to get cash incentive
April 25, 2009
Finance Minister MA Muhith Monday indicated that he might consider cash incentive for spinning sub-sector as it has been affected by the global recession. “The yarn sub-sector has suffered …I’ve overlooked it. It’s a mistake,” he told reporters at his ministry replying to a question. “There’s no problem in accommodating it (in the stimulus package) as the package is flexible. Measures will be taken considering the situation,” the minister said adding that he is aware about the problems of the spinning sector.
The spinning sector has been left out of the ‘Financial Stimulus Package’ the government announced Sunday.
Trade body leaders, in their instant reaction to the package, Sunday pointed out that the sub-sector has been ignored although it has been battered by the recession.
About the apparel sector’s frustration, the minister said he has nothing to say about their opinion.
Muhith reiterated that the export earning growth of the apparel sector slowed down due to the recession, but it has not yet suffered a negative growth.
He, however, said some sectors already affected by the recession are out of the package. “The door is not closed,” he said indicating that the left-out sectors would get financial support of the government when necessary.
Replying to another question about lack of direction for implementation of the policy supports, he said, “Leave it to us (government). The working group will look after it. Let’s see what we can do.”
The minister was talking to reporters after Bangladesh Football Federation President Kazi Salahuddin called on him seeking a fund of Tk 25 crore in the next budget for the training and development of football.
Salahuddin said the minister showed a positive gesture to the issue.
But, the minister informed that he did not give any decision.
Source: The Bangladesh Today
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