Financial subsidy for textiles sector to continue in 12th planAugust 25th, 2011 - 6:47 pm ICT by IANS
Mumbai, Aug 25 (IANS) The government said Thursday it will continue to provide financial help in the form of interest reimbursement and capital subsidy to the textiles industry during the 12th five year plan period that begins April 1, 2012.
“Technology Upgradation Funds Scheme, that provides plan support for textiles through interest reimbursement and capital subsidy, will be extended during the 12th plan period as well,” said Minister of Commerce and Industry and Textiles Anand Sharma.
The minister said the textiles sector remained core to the Indian economy and the government was committed to its all-round development.
The government allocated Rs.9,159.18 crore under the Technology Upgradation Funds Scheme during the years 2009-10, 2010-11 and 2011-12. Segments that benefit under the scheme include spinning, weaving, processing, technical textiles, jute, silk, garmenting, cotton ginning, wool and powerlooms.
“The emerging sector of technical textiles has been identified as one of the thrust areas of textiles industry development,” Sharma said after inaugurating the 1st international exhibition and conference on technical textiles here.
Technical textiles include textiles for automotive applications, medical textiles, geo-textiles, agro-textiles used for crop protection and protective clothing for fire fighters, bullet-proof jackets and space suits, among others.
According to the government estimates, technical textiles sector in India is likely to grow by 11 percent year on year to attain a market size of $14.8 billion by 2012-13 from the current size of $9.9 billion.
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