Overseas alliances sought to indigenously build P&M
27 Jun '06
1 min read
Since our country produces only 15 percent of machinery required by the textile industry presently, the government is viewing to set up an independent authority to assist investment in plant and machinery (P&M) segment in the textile sector.
The independent authority would make discussions with overseas manufacturers of P&M from Germany, Korea, Japan and China.
Suitable foreign machinery majors would be encouraged to set up joint ventures and technical collaborations with Indian companies for manufacturing in India under 100 percent subsidiaries.
Local manufacturers will also be given incentives to invest in this area.
A capital investment of Rs55, 000 crores have been made in the Indian textile and garment industry during the last three years.
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