Ministry in talks to raise foreign investments, says Textile Minister Vaghela

14 Jul '05

2 min read

The Textiles Ministry worries about the investments that were not on the mark. Investments in year 2004-05 were Rs 15,000 crore in against a target of 1.4 lakh crore.

However, the investments were up Rs 13,000 crore in 2003-04 to Rs 15,000 crore in 2004-05. The textiles sector should sustain the foreign funds flow of Rs 1.40 lakh crore, to achieve the export target of $50 million by the year 2010, which currently $13 milion.

The textiles ministry has been trying to pull out investments from the countries such as United States, Turkey and Japan.

Union Textiles Minister Shankarsinh Vaghela informed that the Ministry is in talks with many countries to attract investment and it has received optimistic response, so far.

The textiles sector is likely to grow by over 20 percent in this year, compared to last year.

Ministry is working hard to secure lions share for the Indian textile industry in the Global market, Vaghela added.

The Government has permitted foreign equity participation through the automatic route in the textile sector (except knitwear units).

The Centre has recently announced that through Special Economic Zone (SEZ) policy and the National Foreign Trade Policy (NFTP) the investments in the textile sector are likely to rise substantially.

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