India sanctions 30 textile parks
Indian textiles minister, Shankarsinh Vaghela, has high hopes for the country’s textile industry. He said the sector is expected to attract investments worth Rs1.5 trillion ($35 billion) by 2012, potentially creating 17.37 million new jobs.
“A total 30 integrated textiles parks have been sanctioned under the Scheme for Integrated Textiles Park (SITP), attracting investment of Rs170 billion, with an expected turnover of Rs274 billion annually,” Mr Vaghela said. These parks will start operating at the end of 2008-09 and 10 additional parks will be set up by 2012, he added.
“The textile industry is increasingly embracing modern technology and work processes, becoming more competitive, building strong brand equity for its products, and consistently achieving higher growth rates than ever in its long history,” Vaghela said.
Meanwhile, textile exports, which totalled $20.5 billion in 2007-08, are expected to increase by 20% in the 2008-09 period.
A further Rs600 million has been set aside to set up six jute parks. The scheme will provide entrepreneurs with facilities similar to those available in the export processing zones. And three National Institute of Fashion Technology (NIFT) centres will soon be established at Patna, Bhopal and Shillong.
