Government announced two new schemes to increase public-private partnership in textile industry.
Under the Scheme of Integrated Textile Parks (SITP) scheme Government is to establish 25 new textile parks with a total estimated investment of Rs750 crore. Completion of these 25 ITPs will create 0.5 million new jobs in industry.
These parks will be developed in two-year span between 2005-06 and 2006-07. Out of Rs750 crore, central Government will invest Rs625 crore for the development of these 25 ITPs.
The Government will also provide a subsidy of 40 percent to weaving, processing and apparel units.
Indian textile exports contribute about 15 percent of total exports. India's share in world textile trade is expected to grow from three to six percent and exports are expected to grow by 20 percent by 2010.
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