He underlined the need for greater budgetary allocation to the Textiles Ministry to be used for modernization of units and to meet the ongoing 5% subsidy grant on the rate of interest paid to banks for the long-term capital loans issued by them to the manufacturing units.
The Centre, on its part, has doubled the Cotton Technology Mission's allocation for the current fiscal from Rs.40 crore last year. This amount is being spent on improving the production and processing quality of the nation's textile goods.
Talking of the involved risk factors, he warned that weakness on the weaving and colouring front of the domestic garment products had to be done away with, quickly and effectively, to capitalize on the renewed scene. And the proposed parks should come up to address these anomalies. Besides China, the industrial counterparts of Bangladesh and Pakistan had similar potential of posing challenges to India's export in this sector for their traditional familiarity and similar practices vis-à-vis Indian products.
Press Information Bureau Government of India
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