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Majority of SITP projects on back burner
06 Dec '08
1 min read
The Scheme for Integrated Textile Parks (SITP) was launched in 2005, but three years down the line, only three of the total forty projects approved by the Ministry of Textiles are fully operational.
The Ministry of Textiles had recently mulled an assessment of the whole project since the government pays quite a huge amount towards a percentage of the capital expenses of the project.
The Project Approval Committee which has taken a serious note on the development is expected to meet at the end of this month to reconsider and re-evaluate the projects. A few of the projects which have completed less than or just 40 percent of the proposed infrastructure may face the axe.
According to projections done in 2005, these SITP projects were expected to provide an impetus to exports from the textile industry and help it reach US $50 billion by 2010. Nearly 25 projects were expected to be on stream by fiscal 2007-08.
According to sources, only four SITP projects are expected to begin by the year end and six more by the first half of 2009. Now with the unfolding of the economic crisis, there are expectations of more projects being waylaid.
The Ministry of Textiles had recently mulled an assessment of the whole project since the government pays quite a huge amount towards a percentage of the capital expenses of the project.
The Project Approval Committee which has taken a serious note on the development is expected to meet at the end of this month to reconsider and re-evaluate the projects. A few of the projects which have completed less than or just 40 percent of the proposed infrastructure may face the axe.
According to projections done in 2005, these SITP projects were expected to provide an impetus to exports from the textile industry and help it reach US $50 billion by 2010. Nearly 25 projects were expected to be on stream by fiscal 2007-08.
According to sources, only four SITP projects are expected to begin by the year end and six more by the first half of 2009. Now with the unfolding of the economic crisis, there are expectations of more projects being waylaid.
Fibre2fashion News Desk - India
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