India : Textile Parks to churn out 500,000 jobs ReceivedSPF: None receiver=nym.alias.net clientip=70.89.231.62 Comments

June 27, 2006

Textile ministry had successfully implemented the UPA governmentâs ideas laid down in the Common Minimum Programme.

Investment in the textile sector this year would be around Rs.30,000 crores and expected to generate 1.2 crore jobs by the year 2010.

Union Minister of State for Textiles, E V K S Elangovan, stated recently that Central Government has earmarked 25 integrated textile parks of which, nine have already been cleared.

These textile parks aim at strengthening infrastructure facilities in 'potential growth areas', involving a sum of about Rs.18,500 crores and would also create 500,000 job opportunities by the end next year.

Centre has further strengthened and augmented the Technology Upgradation Fund Scheme (TUFS) which attracted 5,031 applications till March 31, initiating an investment worth Rs.43,293 crores.

Handloom sector will also have a scheme on the lines of Technology Up gradation Fund Scheme for providing interest subsidy on term loans.

Handloom clusters numbering about 20 were set up at an estimated cost of Rs.50 crores and the scheme will be expanded to add another 100 clusters.

National Textile Corporation (NTC) would be revived and 22 viable mills out of the 52 remaining mills in the group had been identified for modernizations at a cost of Rs.75 crores.