By IANS,
Bangalore : Indian textile sector is expected to attract investments worth Rs.1.5 trillion ($35 billion) by 2012, leading to creation of 17.37 million new jobs, Textiles Minister Shankarsinh Vaghela said here Monday.
“A total 30 integrated textiles parks have been sanctioned under the Scheme for Integrated Textiles Park (SITP), attracting investment of Rs.170 billion, with an expected turnover of Rs.274 billion annually,” the minister said.
These parks will start operations by the end of 2008-09 and 10 additional parks would be set up by 2012 under SITP, he said.
“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.
These measures will also enhance the exports. The textiles exports were $20.5 billion in 2007-08, and are expected to increase by 20 percent during current fiscal.
Also, Rs.600 million has been provided for setting up six jute parks. The scheme will provide entrepreneurs with facilities similar to those available in the export processing zones.
Vaghela added that three centres of National Institute of Fashion Technology (NIFT) would be set up shortly at Patna, Bhopal and Shillong. Recently two centres of NIFT opened at Rae Bareli, Uttar Pradesh, and at Kannur, Kerala.