|
NEW DELHI, MAY 11: India's textile sector is expected to attract investment of Rs 150,600 crore in the next five years and will achieve the export target of Rs 225,665 crore (55 billion dollars) by 2012, Textile Minister Shankersingh Vaghela said.
Addressing members of Parliament in the meeting of the consultative committee attached to his ministry, Vaghela said the industry was growing by 9-10 per cent and the pace would increase to 16 per cent in the coming years.
Likewise, exports need to grow by 22 per cent to achieve the 50 billion dollar (Rs 205,150 crore) target by 2010 and 55 billion dollar landmark by the end of the 11th five year plan, an official release said.
The industry would also create employment opportunities for about 17.35 million people by 2012, Vaghela said.
Total investment in the textiles and clothing industry between 2003-07 is estimated around Rs 72,542 crore. He said 30 textiles parks would be set up by 2008 under the Scheme for Integrated Textiles Parks (SITP) at an investment of Rs 15,700 crore, generating an annual production of Rs 23,600 crore and creating half a million new jobs.
Under the Technology Upgradation Fund Scheme (TUFS) extended till 2012, 8,595 applications have been received since 1999 involving a project cost of Rs 81,371 crore. Of these, 8,312 applications were sanctioned at an estimated cost of Rs 73,532 crore and Rs 20,953 crore was disbursed against 5,956 applications, the release added. |