INDIA: Textile Policy restructured

Government in the 11th Five Year Plan has restructured the Technology Upgradation Funds Scheme (TUFs), the Scheme for Integrated Textiles Park (SITP) and formulated the National Fiber Policy. 

Government has enhanced allocation under restructured TUFs from Rs. 8000 crores to Rs. 15404 crores to catalyze investments in hitherto low investment areas like processing, weaving, knitting, technical textiles and skill centres. Under the SITP scheme, Rs. 400 crores allocation were made for sanction of new Integrated Textiles Parks. The National Fiber Policy has been formulated as a fiber neutral policy in a decadal perspective to attract to 1.76 lakh crores of investment in the next decade. 

Ministry of Textiles has held road shows in the year 2009-10 in several countries to attract Foreign Direct Investment in Textile sector. 

The road shows promoted business to business relations to enhance FDI in the Textiles sector in India. Investments on Textiles sectors are in automatic route. 

This was stated by Smt. Panabakka Lakshmi, Minister of State in the Ministry of Textiles in written reply to a question in the Rajya Sabha. 

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Added: September 12, 2011 Source: Agencies
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