Govt. sensitive to textile industry's needs: Pranab

Pranab Mukherjee addressing at the inauguration of the Tex-Trends India 2011, on Wednesday.

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SME Times News Bureau | 03 Feb, 2011
The Union Finance Minister, Pranab Mukherjee Wednesday said that the government is sensitive to the needs of the textile industry and will continue to provide the textile industry a conducive policy environment.

"It (the government) has provided and shall continue to provide the textile industry a conducive policy environment to facilitate its growth, augment R&D efforts, and encourage innovation with a view to enhance productivity," Mukherjee said while inaugurating the Tex-Trends India in New Delhi.

"Textiles sector is a significant part of our economy, in terms of employment, share of national output and contribution to exports," he added.

Mukherjee said that the government supports up-gradation of technology, manufacturing processes and the development of human resources for this industry and towards this end, the Union Budget 2010-11 took several initiatives.

The finance minister added that the government has included a significant increase in funds allocated to Cotton Technology Mission and to the integrated textile parks, and extension of the interest subvention of 2 percent until March 31, 2011 for exports covering handicrafts, carpets and handlooms segments of this industry.

Mukherjee said that the textile industry is also being supported with an extensive skill development programme to train 3 million persons over a 5 year period, by leveraging the strength of existing institutions under the textile ministry.

On the National Fibre Policy, the minister said that it has been finalized and the policy would help in improving the competitiveness of all segments of the textiles industry.

The Indian textile industry accounts for about 14 percent of our total industrial production and contributes to nearly 15 percent of total exports, which amounted to US dollar 50 billion in the year 2009-10. The sector provides direct employment to about 35 million people and another 56 million are engaged in allied activities, Mukherjee added.