Fabric production registered a compounded annual growth rate of 3.75 percent during the first four years of the 11th Five Year Plan. In 2009-10 there was a significant growth rate of 9.8 percent in the fabric production. Slowdown in the textiles industry, raw material price volatility and global recession were amongst the reasons for 11th Five Year Plan targets not being achieved. Government in the 12th Five Year Plan has announced the continuation of the Technology Upgradation Funds Scheme (TUFS) for catalyzing investments and employment generation in textiles sector.
Textiles sector provides employment to over 35 million workers.
As per the Economic Survey 2012-13, textiles industry witnessed a growth rate of 6.7 percent in 2010-11, (-) 1.3 percent in 2011-12 and 6.9 percent in the first 3 quarters of 2012-13. Wearing apparels have witnessed a growth rate of 3.7 percent in 2010-11, (-) 8.5 percent in 2011-12 and (-) 6.4 percent in the 1st quarter of 2012-13. The apparel sector witnessed a positive growth after 5 years of negative growth in the 2nd quarter of 2012-13 when it recorded a growth rate of 5.4 percent. Government enhanced the TUFS allocations under the 11th Plan from Rs.8000 crores to Rs.15432 crores to ensure that adequate resources are available for financing interest reimbursement subsidies in a timely manner.
The total exposure of banks to textiles industry as of May 2012 is Rs.171, 351 crores. In the year 2011-12 when the textiles industry was generating deficit cash flows, Government announced a Rs.35000 crore debt restructuring package to be taken up on a case by case basis under the Reserve Bank of India’s 2008 prudential guidelines.
Ministry of Textiles
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