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Textile Ministry releases fund to support various schemes
11
Feb '11
The Textile Ministry has recently doled out Rs 1.61 billion to fund its various schemes aimed at assisting the development of the textile industry, as visualized under the Textile Policy 2009.

By now, the Ministry has disbursed Rs 4.825 billion of the total Rs 7.5 billion allocated for supporting various assistance schemes. Also, the Ministry has forwarded a request to the State Bank of Pakistan to distribute the recently released Rs 1.61 billion on immediate basis, while the directions for releasing the remaining funds sanctioned will be issued at a later date.

The Textile Ministry, during the recent official declaration of fund release, stated that execution of the Textile Policy formulated in 2009, is leading the industry towards the right path. Also that, the continuous rise witnessed in the textile exports over the last two years is reflective of the fact that the textile policy is delivering positive results.

The Ministry's apt move of releasing the allocated funds at appropriate time is proving useful to aid several textile schemes. Also that, the Ministry is earnestly working to sustain the development and growth of the Textile industry.

Further, it is even important to note that there has been a considerable rise of 25.8 percent in the country's textile exports during the first half of the current financial year which commenced on July 1, 2010.

Fibre2fashion News Desk - India


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