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Jun 17, 2009

Roadmap to put Textile Industry on 7-8 percent growth:Maran


Union Textile Minister Dayanidhi Maran today said his Ministry's road map planned to put the Textile Industry, which reported negative growth last year, on track to seven to eight percent growth.Besides, there would be short, medium and long term plan for the jump back of all segments of textile and clothing industry, by giving a stimulus package, he told reporters here He said there will be 'good news' for the textile industry, which was reeling under crisis for the past two years, in the coming budget.

'We (officials of textile ministry and he himself) had a lengthy discussion with Finance Minister, Pranab Mukherjee a couple of days ago, about the situation in the industry,' Maran said.

'The response from Mukherjee was positive and we can expect good news in the coming budget,' he said.Refusing to divulge the details, he, however, said that the ministry discussed about providing short term tax incentives, increased allocation under Technology Upgradation Fund Scheme and also funds for skill development training.

Replying to a query on formulating a policy on cotton, the main raw material for the industry, he said the ministry was working towards bringing a National Fibre Policy, for which suggestions have been sought from stakeholders.

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