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Govt announces textile machinery upgrading incentive
Apr '09
Mr Ansari Bukhari, the Director General of Metals, Machine and Textiles said that the government intends to assist the textile and clothing industry upgrade their machinery and equipment by providing an assistance of US $20.8 million, under an industrial technology upgrading scheme.

He said, the loans would cover up to 15 percent of the value of machinery purchased from domestic markets and 10 percent on imported machinery and at the same time banks would provide low interest loans with guarantees provided by the state.

Divulging statistics he said 92 companies had taken advantage of the in 2007, 175 in 2008 and hopes to target 200 enterprises in 2009. Experts have however derided the scheme, lending rates have to be brought down to single digits to make the scheme popular.

Fibre2fashion News Desk - India

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