Home / Knowledge / News / Textiles / Govt to allocate large amount of funds to textile sector
Govt to allocate large amount of funds to textile sector
02
Jul '09
The government has allocated Rs 40 billion as an “Export Investment Support Fund” to prop up exports from across all sectors, especially the value added textile sector. This amount will allocated as a part of the budget for 2009-10.

This fund is expected to be provided as a duty drawback which may be increased and replace the subsidy on R&D provided currently. Cross subsidy on gas may also be withdrawn to help the spinning sector.

Giving out details, the Federal Advisor on Textiles, Mr Baig said that Rs 500 million has been earmarked as interest subsidy to the textile sector, along with Rs 500 million, which will be spent on providing infrastructure support to export oriented companies.

Of the Rs 40 billion allocated for the “Export Investment Support Fund”, nearly 67 percent will spent to boost the value added textile sector and the rest will be assigned to other value added export oriented sectors.

He added by saying that in this budget, excise duty on import and supply of viscose staple fibre has been withdrawn and the government would give priority in supply of gas and electricity to the textile sector to help stabilise their operations.

The budget has also apportioned a huge amount for setting up of textile and garment cities across the country which includes Rs 246 million for Karachi Textile city and Rs 207 million on Faisalabad Garment city.

Rs 25 million would be spent additionally on the Lahore Garment city project as well as Rs 17 million for upgrading Textile Institutes and Rs 15 million for the Export Development Plan, Mr Baig, continued by saying.

He concluded by saying that said there was a proposal to disburse 3-4 percent mark-up on investment against plant and machinery in textile sector, which is similar to the Technology Up-gradation Fund (TUGF) scheme in India.


Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 19th Jan 2017

Pakistan imposes duty on Indian fine cotton yarn

A provisional countervailing duty ranging from Rs 26.89 to Rs 55.8 a...

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search