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Textile revival fund finally sees light of day

31
Dec '09
After five years of dithering, ever since the textile revival fund was announced, the N100 billion revival fund has finally seen light of the day, after the government affirmed that the fund will now be available to the capital starved textile sector.

The government has informed stake holders in the textile industry to contact the Bank of Industry (BoI), which has been appointed as the nodal agency to distribute the funds to the depressed textile industry.

Policy guidelines of the scheme titled, 'Cotton, Textiles and Garment (CTG) Industry Revival Scheme' would be published early next year, on the procedures to be followed by applicants who wish to access funds under the scheme.

The scheme will facilitate access to long-term funds at reasonable interest rates and the beneficiaries of the scheme will include cotton and MMF fibre producers, ginneries, spinning, weaving and fabric processing mills and apparel manufacturers.

The government also assured the stakeholders that, it would scale up the fight against smuggling of counterfeit textile products and increase power generation and distribution to the textile and allied sectors.

Fibre2fashion News Desk - India


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