FDI Cell to mobilise Rs 50cr per day, says Textiles Minister S Vaghela

27 Jan '06

3 min read

The Union Textile Minister Shankersinh Vaghela on Friday indicated a creation of a separate FDI Cell in the Union Ministry of Textiles to mobilize FDIs inflow of Rs 50 crore per day on an average for the next five years.

Inaugurating the Seminar on 'Indian Brands: Global Wear – Summit on Strategies for Global Leadership in Textiles & Apparel Business' jointly organized by The Associated Chambers of Commerce & Industry of India (ASSOCHAM) and Gujarat Chamber of Commerce & Industry, Ahmedabad here on Friday, 27th January, 2006, the Minister said, that India's Textile Sector will in totality need an investment of Rs 75,000 crore for the next five years and the element of FDIs in it will play a significant role.

It is keeping this in view, the Ministry has decided to set up the FDI cell, the objective of which will be to mobilize huge foreign capital through liberalizing government's Textile policy so that the required sum is mobilized to make Indian Textile Sector as healthier as possible.

Vaghela said that his Ministry has already disbursed Rs 18,000 crore to the stake holders in the Textile Sector under TUFS Scheme.

The Scheme would further acquire momentum and the total amount to be further disbursed under the scheme will touch a level of Rs 30,000 crore. He advised the entrepreneurs to take maximum advantage of the scheme as it is not going to last long.

Vaghela announced that in the current year, the cotton production has touched a record level of 800 Kg per hectare of land. This much of production, India has never witnessed.

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