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The Government has attempted to give the textile industries a much needed boost in the post-quota era by introducing a Ten Per Cent Capital Subsidy Scheme for the textile processing sector. This is in addition to the normal benefits already existing. In his Budget speech, the Finance Minister, Shri Chidambaram said that there was a new vigour in the textile sector and it had huge potential for employment and exports. It is estimated that the investment made in 2004-05 in this sector was Rs.20,000 crore and it is likely to go up to 30,000 crore this year.
The Technology Upgradation Fund Scheme which has helped small and medium textile industries to upgrade their machinery and increase capacity, has received enhanced allocation of Rs.435 crore.
SB/MVVS/UM/RK-manufacturing
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