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Value added textile sector to receive bounty in new policy

19
Jun '09
While addressing a post-budget seminar, the advisor to the Prime Minister, Mr Shaukat Tareen, said that the government will spend Rs 40 billion during the new fiscal year for providing incentives to the value-added textiles sector the details of which would be revealed in the new textile policy.

He urged the manufacturing sector to display patience since the government is fully aware of decline in industrial production and has committed the new fiscal year as the year of industrial revival and would try to remove all irritants coming in the way of doing business smoothly.

Giving out details he said, the government will provide assistance to the tune of Rs 60 billion to all those companies into value addition across all sectors. Export refinance has been increased from last year's Rs 140 billion to Rs 250 billion in the new budget 2009-10.

He added by saying that the SMEs would have access to credit through the Rs 10 billion credit guarantee fund while the new entrepreneurs would get venture capital without collateral from a separate Rs 10 billion fund established for this purpose.

Fibre2fashion News Desk - India


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