Indian textile industry's dream, blown with the wind
28 Jun '05
2 min read
Wind energy is one of the cheapest and unlimited resource available in India, and the world over. To harness wind power the Indian Wind Energy Association (InWEA) has sought Government's support and thus, propel Indian fledgling wind energy sector to new heights.
Informing this at a press conference, Dr Anil Kane, Chairman, InWEA said the return on investment for profit making corporates is quite attractive.
They can also take advantage of the accelerated depreciation in their income tax calculations, thus improving their cash flow situation in a big way.
Turning to Indian textile industry particularly in South, Dr Kane informed that companies have taken to wind energy in a big way and the companies are reaping rich dividends.
He added that if the government's policies were made broad based, other industries would follow suit.
Stating that Tamilnadu is the most favoured location because 1 MW size machine produces around 35 lakh of units in a year compared to about 20 lakh units in Maharashtra, Gujarat or Rajasthan.
Dr Kane added that under the Technology Upgradation Fund Scheme (TUFS), Tamilnadu textile units got a shot in the arm last year.
Under the TUFs scheme, the Textile Ministry provides incentive to textile industry by giving a subsidy of 5 percent in the rate of interest on the borrowed capital for upgrading the textile mills.
Sadly, Dr Kane lamented the fact that in recent times, the windfarm equipments were struck out of the eligible list of TUFS by the textile ministry, which proved a deterrent to carry textile industry on the wings of the wind energy.
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