The Ministry of Textiles has sought enhanced budget allocation of Rs24,597 crore from the Planning Commission for the 12th Plan period for the development of the sector, and creating 15.8 million jobs by 2016-17, an official said.
'The budgetary support would be used for further development of powerloom and sericulture sectors and upgradation of existing NIFT centres,' he said.
The ministry plans to continue modernisation and technological upgradation of the sector through restructured Technology Upgradation Fund Scheme (TUFS), he added.
Under TUFS, textiles companies get 5% subsidy on loans from the government for upgrading technology.
During the 11th Plan, the ministry was granted funds worth Rs14,000 crore, the official said.
The textiles sector, employing 35 million people, has been facing challenges like non-availability of easy credit, high raw-material prices and lack of marketing support.
During the 12th Plan period (2012-17), the ministry would take steps to redress these issues and help the industry become more competitive, both domestically and globally.
Also, the ministry is in the process of introducing about nine new schemes for technical textiles, a specialised variant of the commodity used by industries, the official said.
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'The budgetary support would be used for further development of powerloom and sericulture sectors and upgradation of existing NIFT centres,' he said.
The ministry plans to continue modernisation and technological upgradation of the sector through restructured Technology Upgradation Fund Scheme (TUFS), he added.
Under TUFS, textiles companies get 5% subsidy on loans from the government for upgrading technology.
During the 11th Plan, the ministry was granted funds worth Rs14,000 crore, the official said.
The textiles sector, employing 35 million people, has been facing challenges like non-availability of easy credit, high raw-material prices and lack of marketing support.
During the 12th Plan period (2012-17), the ministry would take steps to redress these issues and help the industry become more competitive, both domestically and globally.
Also, the ministry is in the process of introducing about nine new schemes for technical textiles, a specialised variant of the commodity used by industries, the official said.
....more info