{"id":96204,"date":"2021-03-19T10:24:59","date_gmt":"2021-03-19T04:54:59","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=96204"},"modified":"2021-03-19T10:24:59","modified_gmt":"2021-03-19T04:54:59","slug":"handicrafts-and-handlooms-export-corporation-closed-permanently","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/handicrafts-and-handlooms-export-corporation-closed-permanently\/","title":{"rendered":"&#8220;Handicrafts and Handlooms Export Corporation&#8221; closed permanently"},"content":{"rendered":"<p><strong>What is the News?<\/strong><\/p>\n<p>Union Cabinet has approved the closure of loss-making Handicrafts and Handlooms Export Corporation of India Ltd(HHEC).<\/p>\n<p><strong>About Handicrafts and Handlooms Export Corporation of India Ltd(HHEC):<\/strong><\/p>\n<ul>\n<li>It is a central public sector undertaking (CPSE) established in 1958 under the administrative control of the Ministry of Textiles.<\/li>\n<\/ul>\n<p><strong>Mandate\/Objectives of the Handicrafts and Handlooms Export Corporation:<\/strong><\/p>\n<ul>\n<li><strong>To undertake exports of handicrafts,<\/strong> handlooms products, khadi and products of village industries from India.<\/li>\n<li><strong>The HHEC undertake special promotional measures <\/strong>in countries. Especially in countries that the import potential is not fully realized for Indian handicrafts products, khadi and products of village industries.<\/li>\n<li><strong>To trade in and carry on business in goods<\/strong> of any nature where the HHEC can trade conveniently and profitably.<\/li>\n<\/ul>\n<p><strong>Why is the government closing Handicrafts and Handlooms Export Corporation<\/strong><strong>?<\/strong><\/p>\n<ul>\n<li>HHEC has been incurring losses since the financial year 2015-16. Further, the HHEC is not earning sufficient income to meet its running expenses. There is also very little scope for its revival, necessitating the closure of the company.<\/li>\n<li>Further, the decision to close HHEC is in line with the government&#8217;s strategic disinvestment policy. Under the policy, the government aimed to disinvest completely in non-strategic sectors. The HHEC falls under the non-strategic sector.<\/li>\n<\/ul>\n<p><strong>About Public Sector Enterprise Policy:<\/strong><\/p>\n<p>The government of India has released a New \u2018Public Sector Enterprise Policy\u2019. The policy classifies public sector commercial enterprises into the strategic and non-strategic sector:<\/p>\n<ul>\n<li><strong>Strategic Sector: <\/strong>There would be a maximum of four public sector companies in strategic sectors such as atomic energy, space, defence, power, coal, telecom, banking among others.<\/li>\n<li><strong>Non- Strategic Sector:<\/strong> The central public sector enterprises (CPSEs) of this sector shall be privatized or closed, if privatization is not possible.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/forumias.com\/blog\/govt-releases-new-public-sector-enterprise-policy\/\"><strong>Click Here to Read Further about Public Sector Enterprise Policy<\/strong><\/a><\/p>\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.businesstoday.in\/current\/economy-politics\/cabinet-approves-closure-of-handicrafts-and-handlooms-export-corporation\/story\/434003.html\"><strong>Business Today<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the News? Union Cabinet has approved the closure of loss-making Handicrafts and Handlooms Export Corporation of India Ltd(HHEC). About Handicrafts and Handlooms Export Corporation of India Ltd(HHEC): It is a central public sector undertaking (CPSE) established in 1958 under the administrative control of the Ministry of Textiles. Mandate\/Objectives of the Handicrafts and Handlooms&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/handicrafts-and-handlooms-export-corporation-closed-permanently\/\">Continue reading <span class=\"screen-reader-text\">&#8220;Handicrafts and Handlooms Export Corporation&#8221; closed permanently<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[1302],"class_list":["post-96204","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-eco_7","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700772239,"cached_date":1704678825},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/96204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=96204"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/96204\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=96204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=96204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=96204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}