subject: Indian Textile And Apparel Industry Surging Ahead [print this page] On the back of growing domestic demand and incentive measures announced by the government of India, Indian textile and apparel industry is optimist that it would blossom into a force to reckon with in the coming years.
Under the Technology Up gradation Fund Scheme, government has offered aid to the Indian textile and apparel industry which will help the industry enhance its technology and compete in the global market space.
For the uninitiated, next to China, India is the second largest textile economy in the world. And global meltdown has had an adverse impact on its growth.
In the recent past, Indias $5 billion dollar textile exports dwindled, by almost 33 percent. As a result, exporters have been requesting billion dollar aid for exploring newer markets and were anxiously looking forward to significant tax benefits from the government. The reason being, the markets in U.S. and European Union countries which constituted Indias chief export destination had crumbled. So the governments aid in form of 510 million dollars would reportedly act as a breadth of fresh air, and it would help the domestic textile firms upgrade their manufacturing units.
The aid provided under the Textile Technology Up gradation Scheme will reportedly give fresh impetus to this sector. The technology Upgradation Fund Scheme is said to be the most popular scheme in independent India, which has attracted investment to the tune of 166,000 crores in the textile sector, informed Dayanidhi Maran, Union Minister for Textiles recently. This is for the first time; such large amount of money is being released under the scheme. Nearly, 12,514 exporters are expected to benefit from this scheme.
Certainly, in the future foreign
by: Made-from-India "
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