Rs 25,000 cr textile fund on the cards

The funds for the purpose would be derived mainly from financial agencies though the government would also provide subsidies for which a provision would be made for a sum of Rs 3000 crore, Rana said.

He revealed the government was going in for a new textile policy and an expert group headed by a retired IAS officer and a Secretary to the Textile department, S R Satyam had been constituted.

The experts would go into the subjects of modernisation, measures to reduce product costs and free markets, he said, adding the group would submit its report to the government within six months.

The government was also considering to start a cottontechnology mission for studying marketing feasibility and a sum of Rs 800 crore would be allocated for this purpose. Addressing a press conference here this evening, Rana said he met the union leaders of various mills to discuss the voluntary retirement scheme VRS proposed for about 10000 employees of 11 NTC Mills in the state.