Home / Knowledge / News / Textiles / TexMin proposes budget allocation of Rs 80 billion for textile sector
TexMin proposes budget allocation of Rs 80 billion for textile sector
01
Feb '11
The Textiles Ministry recently revealed that, it would urge the government to raise the budgetary allocation for the sector under the 2011-12 budget to Rs 80 billion, so as to enable the Ministry to achieve the target set for development of the sector.

In the current fiscal year's budget, the government had allocated Rs 56.08 billion for the sector as a whole, of which Rs 47.25 billion were towards planned expenditure, while Rs 8.8308 billion were meant for non-planned expenditure.

The Ministry in response to the question as to how much budgetary provision does it seek under the forthcoming 2011-12 budget said that, it is eyeing to get around Rs 70 to 80 billion, and added that, such allocation would help the sector to achieve the growth targets fixed for development across diverse fibre chains.

But then, the Ministry even stated that, in spite of their demands the final allocation would be decided by the government, it being an allocation to assist the development of various Ministries.

The Ministry stated that, with higher allocation they propose to establish more mega clusters.

Further that, a one-time grant of two billion rupees was proposed by the government for the Tamil Nadu government under the current fiscal year's budget. The grant was intended for setting up of a zero liquid discharge plant at Tirupur, so as to enable sustenance of the domestic knitwear industry.

Also to note that, the Finance Ministry too had extended the existing two percent interest subsidy made available to the small and medium enterprises (SME) sectors for export of items like carpets, handicrafts, handlooms, further for one year till March 31, 2011.

The Textile Ministry, under the extensive skill development programme, proposes to impart training to three million people, over the next five years.

Fibre2fashion News Desk - India

Must ReadView All

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...

Apparel/Garments | On 19th Jan 2017

Apparel brand Mango adapts website for Middle East region

Spanish apparel brand Mango has unveiled an adapted version of its...

Apparel/Garments | On 18th Jan 2017

Government considering 100% FDI in single brand retail

The Government of India is looking at allowing 100 per cent foreign...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Mark Paterson
Technical Absorbents Ltd

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

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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