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Govt to back carpet industry with advance technology
19
Mar '08
At a press conference held at the Shri-Kashmir International Conference Center, Jairam Ramesh, Union Minister for Industry and Commerce and Dr Haseeb Drabu, Chairman Jammu & Kashmir (J&K) Bank and Economic advisor to the Government, disclosed about a mega proposal for the carpet industry and the power sector.

Of the Rs4000 crore carpet export made by India, J&K contributes about Rs1000 crore accounting for 25 percent of the total.

With regard to this industry, Mr Jairam Ramesh announced that the existing 40,000 carpet looms in Jammu & Kashmir will be replaced by new advanced ones to increase the productivity and quality of goods produced.

The Indian Institute of Carpet Technology (IITC) have developed these new looms which will replace the old ones in a period of five years.

The entire project will involve an investment of Rs85 crore of which 75 percent will be borne by the State and Central Government while the remaining 25 percent will be catered by the beneficiaries through loans from the J&K Bank.

Additionally, the Pashmina, Sozni and Kani shawl industry will also be protected through geographical indicator (GI) which acts like a logo or a brand.

It was revealed that the power sector of J&K would be made open to the public for raising funds for the establishment of 20,000 mega watt potential of hydro electricity in the state.

Moreover, Dr Drabu also revealed that a group of 19 foreign institutional investors (FIIs) had visited the state in search of an alternative investment destination in the state.

While addressing to the media, Mr Jairam gave details about the efforts taken by the Government as well as by the J&K Bank to make the state economy thrive.

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