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Karnataka to attract Rs 100bn investment in textile sector
Sep '11
The government of Karnataka is planning to attract Rs 100 billion investment in the State's textile sector during the upcoming Global Investors Meet (GIM), Varthur Prakash, Minister for Textiles has said.

The Minister said the government is making efforts to invite investment under its Suvarna Vastra Neethi or Golden Textile Policy, for which Rs 5 billion has been set aside in the Budget.

The government would invite investment in all textile related sub-sectors including handloom, weaving, powerloom, readymade garments and processing, he said.

By attracting investment under the new textile policy, the government is expecting to create more than 500,000 employment opportunities by 2013, he added.

Talking about other textile related schemes, the Minister said Mahatma Gandhi Bunkar Bima Yojana now covers 40,910 weavers. He revealed that Rs 170.7 million has been released for constructing 2,845 residential workshops for weavers in several areas of the State.

He said the government plans to provide powerlooms to 1,500 Scheduled Caste and Scheduled Tribe weavers at the cost of Rs. 100 million, which has already been set aside.

He emphasized that every effort is being made by the government to generate more employment in textile sector. He said the Textile Park coming up in Shimoga district will create employment opportunities for more than 1,000 people. The Textile Park is being developed by Shahi Exports at the cost of Rs. 5.33 billion.

He further said that Rs. 10.7 billion would be invested in textile parks to create employment opportunities for more than 44,500 people.

Fibre2fashion News Desk - India

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