In news : Recently, the Union Cabinet has approved the closure of Handicrafts and Handlooms Export Corporation of India Limited (HHEC)
- Why closure: The Corporation has been continuously incurring losses since financial year 2015-16 and not earning sufficient income to meet its running expenses.
- All the permanent employees and Management Trainees will be given an opportunity to avail the benefit of a Voluntary Retirement Scheme (VRS) as per norms laid down by the Department of Public Enterprises.
- The approval will benefit the Government exchequer in reducing recurring expenditure on salary/wages of sick CPSE which is not in operation and earning no income.
About Handicrafts and Handlooms Export Corporation of India Limited (HHEC)
- It is a Central Public Sector Undertaking under the administrative control of the Ministry of Textiles, Government of India
- Formation: 1958
- Objectives: It was established with the following twin objectives
- To undertake export of Handicrafts, Handlooms Products, Khadi & Products of Village Industries from India.
- Export Promotion and Trade development of Handicrafts and Handlooms products (including hand-knotted woolen carpets and ready made garments) and also to undertake export of gold and silver jewellery/articles and import of bullion, timber and other raw materials.
- HHEC products:It included Handlooms, Handicrafts, Jewellery etc
Bodies under Ministry of Textiles
- Central Wool Development Board
- Sardar Vallabhbhai Patel International School of Textiles and Management
- Office of the Development Commissioner(Handlooms)
- Office of the Development Commissioner (Handicrafts)
- The Office of the Textile Commissioner (TXC)
- Office of the Jute Commissioner
Public Sector Undertakings
- The National Textile Corporation Limited (NTC)
- National Handloom Development Corporation (NHDC)
- Cotton Corporation of India (CCI)
- Central Cottage Industries Corporation of India Ltd
- The British India Corporation Ltd. (BIC)
- Jute Corporation of India (JCI) Ltd
- National Jute Manufactures Corporation Ltd. (N.J.M.C.)
- Birds Jute & Exports Ltd. (BJEL)
- National Jute Board (NJB), Kolkata
- The Central Silk Board (CSB)
- The Textiles Committee
- The Office of Commissioner of Payments
- The National Institute of Fashion Technology