A new textile policy soon: Indian Textiles Minister

02 Oct '13

2 min read

A new textile policy aimed at providing stability and covering a wide range of issues would be unveiled in a couple of months, India’s Minister of Textiles K Sambasiva Rao said while talking to newsmen in Hyderabad.

The Minster was speaking to reporters after addressing a seminar on “‘Indian Textiles and Technical Textiles Industry: Challenges & Strategies for Competitiveness in Southern States”, organized by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Mr. Rao said his Ministry would soon set up a single window clearance division, which will facilitate quick approvals for new units.

He said that at present, those who want to set up new industries have to seek about 50 approvals from various departments, and the proposed division under the Textiles Ministry would ease this process by getting the requisite clearances.

He also informed that the notification for continuation of Technology Upgradation Fund Scheme (TUFS) during the 12th Five-year Plan period would be announced in the next few days. The scheme provides interest subsidy for purchase of machinery and upgrading technology. The Government has sanctioned Rs. 119.5 billion for the scheme during the 12th Plan period.

He suggested that textile entrepreneurs should set up their own research and development (R&D) institution by contributing a small portion of their profits. He added that the Textiles Ministry could contribute 50 percent of the total capital required for setting up such an institution to address issues faced by the industry.

Mr. Rao said in view of shortage of skilled manpower in the textile industry, his Ministry is ready to grant Rs. 100 million if the textile industry prepares a plan to train new recruits.

Fibre2fashion News Desk - India

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