Textile investments hinge on modern infrastructure
26 May '06
1 min read
Its been 18 months since the quotas were eliminated, and yet the textile industry seems in the wait for the 'promissed manna' in the form of investments.
Government believes that joint collaborations, both domestic as well as international, along with improved infrastructure would increase the inflow of funds.
Shankersinh Vaghela, Textiles Minister, reported, "I am happy to announce that post quota, exports to the US were up 26 percent and that to the EU by 18 percent last year."
He also informed that over Rs30,000 crore worth of investments were made during the 2005-2006 period.
Ministry is expecting to generate atleast around Rs140,000 crore in investments by 2010 that will provide employment to over 12 million workers.
"Nine parks have been sanctioned. We have 1.5 years to make the parks. There is a lot of pressure, investment is about Rs300-400 crore per park," Vaghela added.
Besides, the Government is also drafting plans to revamp 22 manufacturing factories while setting up 29 new ones.
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