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TexMin proposes budget allocation of Rs 80 billion for textile sector

01
Feb '11
The Textiles Ministry recently revealed that, it would urge the government to raise the budgetary allocation for the sector under the 2011-12 budget to Rs 80 billion, so as to enable the Ministry to achieve the target set for development of the sector.

In the current fiscal year's budget, the government had allocated Rs 56.08 billion for the sector as a whole, of which Rs 47.25 billion were towards planned expenditure, while Rs 8.8308 billion were meant for non-planned expenditure.

The Ministry in response to the question as to how much budgetary provision does it seek under the forthcoming 2011-12 budget said that, it is eyeing to get around Rs 70 to 80 billion, and added that, such allocation would help the sector to achieve the growth targets fixed for development across diverse fibre chains.

But then, the Ministry even stated that, in spite of their demands the final allocation would be decided by the government, it being an allocation to assist the development of various Ministries.

The Ministry stated that, with higher allocation they propose to establish more mega clusters.

Further that, a one-time grant of two billion rupees was proposed by the government for the Tamil Nadu government under the current fiscal year's budget. The grant was intended for setting up of a zero liquid discharge plant at Tirupur, so as to enable sustenance of the domestic knitwear industry.

Also to note that, the Finance Ministry too had extended the existing two percent interest subsidy made available to the small and medium enterprises (SME) sectors for export of items like carpets, handicrafts, handlooms, further for one year till March 31, 2011.

The Textile Ministry, under the extensive skill development programme, proposes to impart training to three million people, over the next five years.

Fibre2fashion News Desk - India


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