United Progressive Alliance Government had invested a sum of Rs 18,000 crore in a variety of schemes and helped textile sector to achieve an export growth of 26 percent to the United States and 20 percent rise in growth to Europe, said Union Textiles Minister, Shankersinh Vaghela.
Vaghela was speaking at the inauguration of a symposium on textile apparel and garment, Entry Strategies in Global Markets, organised by Federation of Indian Chambers of Commerce and Industries (FICCI).
Symposium would have been useful in 2005 when quota regime was withdrawn, the Minister observed.
Vaghela hoped that Indian textile industry will explore all possible avenues and come out with an effective strategy to counter stiff competition put up by China.
Low quality cotton produced in cotton growing areas of Maharashtra and Andhra Pradesh can be overcome by introducing corporate farming.
Far-reaching policies will give good returns on capital in place of advancing Rs2000 crore on unproductive subsidies to cotton growers, he said.
Higher bank interest rates coupled with stiff power tariffs hinders growth of textile sector, observed State Textiles Minister Satish Chaturvedi.
On the advice of Union Government, Maharashtra Government formed a task force to explore opportunities available for developing the sector, he added.
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