Home / Knowledge / News / Textiles / Centre approves 25 new textile parks
Centre approves 25 new textile parks
Jun '11
The Central Government has granted its approval for setting up of 25 new textile parks. This was revealed by Ms. Rita Menon, Secretary, Ministry of Textiles, while speaking on the sidelines of the National Garment Fair being held in Mumbai.

There are at present 40 textile parks which generate revenues worth around Rs. 290 billion per annum. For setting up of new textile parks, the Government has received 55 applications, she added.

Ms. Menon said that the Government is likely to increase the allocation under the Technology Up-gradation Fund (TUF) by 25 per cent during the 12th Five Year Plan and would provide higher incentives to the processing industry.

She stated that the first meeting of advisory committee with regards to the TUF scheme is expected to be held this month.

She said that the Ministry is expecting the spread of technical textiles due to the eight centres of excellence and considerable investment and efforts of the Government.

Talking about the new neutral fibre policy, Ms. Menon said that it is getting delayed as the Government needs to address several sub-sections.

Regarding the target of 20 percent set for technical textiles, she said that the Government would extend all possible help and financial assistance to the concerned firms so that the target can be achieved.

Further, while talking about the 10 percent excise duty imposition on branded readymade garments, Menon said that she would strongly put a case against it before the Finance Ministry after receiving the relative data and comprehensive report from Clothing Manufacturers' Association of India (CMAI).

Fibre2fashion News Desk - India

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