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 23rd Mar 2017

South Korean Samil Spinning acquires Buhler Quality Yarns

South Korean yarn producer Samil Spinning has acquired US based...

Apparel/Garments | On 23rd Mar 2017

E-retailers to pay up to 1% TCS under GST

E-retail marketplaces will need to deduct up to 1 per cent tax...

Textiles | On 23rd Mar 2017

Lanxess to expand chemical intermediates capacity

The Advanced Industrial Intermediates business unit of German...

Interviews View All

Evelyne Cholet
UCMTF

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

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Mark Paterson
Technical Absorbents Ltd

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

Kerem Durdag
Biovation II LLC

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

Johan Berlin
InvestKonsult Sweden AB

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Igor Chapurin
Chapurin

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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:
March 2017

March 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