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Govt supports investment in new textile machinery

14
Apr '10
The federal government will fund 20 percent of the capital cost, with an investment in machinery and plants not exceeding Rs 10 million, for textile projects.

A Technology up-gradation Support Order, 2010, to support investment in textile machinery and plant, has been issued by the Ministry of Textiles. Under this order, the textile sector stakeholders can avail of loans till June 30, 2014, the time till which the order is valid.

As per the order issued by the textile ministry, fifty percent of mark-up subject to a maximum of five percentage points per annum, or whichever is less, will be borne by the federal government.

For this investment support programme, all existing and new textile units registered with the ministry will qualify. Loans given out prior to September 1, 2009, will not be eligible for mark-up support. Only technology and machinery recognised under the order, by the ministry's financial and technical committee, will receive investment support.

This facility will be governed by commercial banks and development financial institutions, which will also assess the feasibility of the projects and financial requirements. However, the credit risk under this plan, will not be the government's responsibility.

Industrial dyeing machines, garment dyeing and special effects machines, knitting machines, yarn dyeing, processing plants, open-end machines, shuttle less looms, ring machines, power generation equipment for textile and clothing units and ginning machines, are recognised under this scheme.

Fibre2Fashion News Desk - India


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