India : Textile Ministry demands 20% hike in budget allocation

Machinery Marvels showcasing at ITMA ASIA+CITME 2018. Take a view! | Ad

Home / Knowledge / News / Textiles / Textile Ministry demands 20% hike in budget allocation

Textile Ministry demands 20% hike in budget allocation

21
Jan '10

Ms Rita Menon, Textile Secretary

The Textile Ministry has put up a demand to hike the budgetary allocation for 2010-11 by 20 percent as against the current fiscal years' provision of Rs 45 billion," Textiles Secretary Rita Menon informed the press on the sidelines of a function.

She was optimistic that the government will persist with the stimulus package aiming at revitalization of the textiles sector in forthcoming financial year.

She also added that they have received positive response from the concerned authorities, ensuring continuance of the stimulus package and also expected that such augmented allocation will boost development of the sector.

Menon stated that the auction of 5 mills and their assets in Mumbai was need based and that no fixed duration was set by the government for the same. She further stated that NTC expects to procure maximum finances expected to amount to Rs. 40 billion out of the auction proceeds of its Mumbai, Kanpur and Indore based assets.

The Corporation was ambitious about entering into more partnerships with private textile companies and it is upgrading its 24 mills on its own whereas 16 more mills are to be revitalized by means of joint ventures.

In this respect work at 4 mills in Mumbai has already been initiated in association with joint venture associates like Alok Industries, whereas three of its units - Tata Mills, Podar Mills and Indu Mills No 5 have already commenced production after their refurbishing, the Textile Secretary informed.

Over 2,500 workers are hired by these mills and that these mills will have only spinning and weaving operations, realizing an annual production of about 10-12 million Kg of yarn along with 14 million tons of fabrics.

Fibre2fashion News Desk - India

More Ministry of Textiles - India News... More Textiles News - India...