SIMA hails Union Budget 2007-08

28 Feb '07

4 min read

The Union Budget for 2007-08 presented by the Hon'ble Finance Minister, Shri P.Chidambaram, will attract huge investments in the textile industry during the 11th Five Year Plan period enabling the textile industry to achieve its vision of Rs.1,94,000 crores investment, creation of 14 million jobs and a business size of 110 billion US $ by 2012.

In a Press Release issued here today, Mr S V Arumugam, Chairman, SIMA has hailed the Union Budget stating that proposals made by the industry in its pre-budget memorandum have been taken into consideration, particularly extension of Technology Upgradation Fund (TUF) Scheme in co-terminus with the 11th Five Year Plan with a provision of Rs.911 crore for 2007-08, enhanced allocation of Rs.425 crores for 2007-8 for the textile parks under the Scheme for Integrated Textile Parks.

He said the increased allocation would encourage consolidation and scale of operation in the country, which are essential to compete with the countries like China.

He pointed out that the increased allocation of funds for handloom cluster development and inclusion of handloom sector under TUF Scheme and various other schemes extended to this sector in the Budget would safeguard the traditional handloom industry and improve standard of living of the handloom community.

The announcement with regard to upgradation of ITIs into Centre of Excellence in specific trades and skills under public-private partnership will meet the skilled manpower requirements of the industry, said Mr Arumugam.

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