Home / Knowledge / News / Textiles / Textiles Minister hails Budget Proposals for textiles sector
Textiles Minister hails Budget Proposals for textiles sector
08
Jul '09
Thiru. Dayanidhi Maran, the Textiles Minister has hailed the Budget Proposals for the Textiles Sector as a growth spurring initiatives which dovetail with economic revival, infrastructure development, agriculture development, inclusive growth and restoring export growth. He said that he is proud that handlooms have been recognized for their role in providing employment as well as an instrument to preserve the magnificent and ancient textiles traditions of our country and have been supported, as has the carpet and powerloom sector.

Briefing media persons, Thiru Maran said that the Budget proposals should be read with the two stimulus packages announced by the Government in the recent months to boost exports.

Thiru. Maran stated that the Budget enhances the Plan allocation for the Ministry of Textiles to Rs.4,500 crore from Rs.4,090 crore, the Technology Upgradation Fund Scheme (TUFS) has been allocated Rs.3,140 crore, which will spur modernization and attract investment in the Textiles Sector and clear the pending backlog till June 2009. For the Scheme for Integrated Textile Park (SITP), Rs.397 crore has been allocated, which will impart momentum to the Scheme.

The Union Finance Minister also announced the setting up of 5 Mega clusters: one handloom mega cluster each in West Bengal and Tamil Nadu and one powerloom mega cluster in Rajasthan and two mega clusters for carpets at Srinagar (J&K) and Mirzapur (UP). These mega clusters, when operationalised, will generate employment for 50,000 people and attract an investment of approx. Rs.1,400 crore.

Thiru. Maran said that in coming days, we are going to converge with certain other announcements particularly empowerment of weaker sections, welfare of workers in the un-organised sector, facilities for the growth of medium and small scale enterprises to utilize fully the assistance under Schemes outlined in the Budget. Thiru. Maran said “ we have a huge task cut out before us to utilize the provisions of the Budget for making our sector go from strength to strength”.

The Budget Proposals which will have a substantial impact on the growth of Textiles sector are as follows:-

BUDGET OUTLAYS
(1) Central Pan outlay enhanced to Rs 4500 crore from Rs 4092 crore..Out of this, TUFS-provided Rs 3140 cr ,SITP- Provision of Rs 397 crore , Rs 340 cr for Handloom and Rs 220 cr for Handicrafts Schemes.

Five Mega Clusters
(2) One handloom mega cluster each in West Bengal and Tamil Nadu and One powerloom mega cluster in Rajasthan to be set up. New mega clusters for carpets also to be set up in Srinagar and Mirzapur(UP)

DIRECT TAXES-BENEFIT TO EXPORTERS

(3) Adjustment Assistance Scheme to provide enhanced Export Credit and Guarantee Corporation cover at 95% - extended up to March 2010

(4) Allocation for Market Development Assistance Scheme enhanced toRs. 124 crore

Must ReadView All

Textiles | On 30th May 2017

CAI estimates 2016-17 cotton crop at 340.5 lakh bales

Cotton Association of India (CAI) has retained its earlier estimate...

Courtesy: World Bank/Claude Renault

Textiles | On 30th May 2017

India’s economic fundamentals remain strong: World Bank

India remains the fastest growing economy in the world – economic...

Courtesy: Dollar Industries

Apparel/Garments | On 30th May 2017

Dollar Industries registers Rs 906 cr turnover in FY17

Hosiery major Dollar Industries Limited registered a turnover of Rs...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

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

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search