PHARMACEUTICALS-Farce of Price Control

Grim Prospects THE annual report (1987-88) of the ministry of textiles considers inadequate modernisation and renovation of old and obsolete machinery to be one of the main reasons for the present difficulties being faced by the mill sector of the cotton textile industry. It has been estimated that approximately 63 per cent of the spindles and 82 per cent of the looms installed in the industry are more than 15 years old. India is said to have the lowest percentage of automatic looms to total loomage (23 per cent in 1980) in the world. In spinning, although India has the highest capacity (26.1 million installed spindles as on March 31, 1987) in the world, the percentage of open end rotors in total spinning capacity is one of the lowest. Thus productivity of capital in both spinning and weaving is much below international levels. It is argued that modernisation is absolutely imperativi to raise productivity and efficiency.