The government of the day is pulling out all stops to put the USD 83 billion textile sector on the fast growth track. For modernization and upgradation of exiting units the government introduced the technology upgradation fund scheme. Textile units across various states has immensely benefited under the technology upgradation fund scheme which has disbursed over Rs 74627 crore since its inception. Similarly the scheme for integrated textile parks has also give a big leg up to the textile sector. Till date over 61 parks have been setup giving direct employment to over 10.38 lakh people.
The 12th plan has allocated Rs 1900 crore for this scheme. The government has followed 100 percent FDI in textile sector to encourage foreign investment. Finally successive union Budgets have always been favourable towards this sector in terms of providing monetary benefits or protectionist measures. For instance the 2012-13 Budget protected domestic sericulture by hiking import duty on raw silk from 5 percent to 15 percent. All in all the government is very sensitive to the needs of this sector.
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