Textile face-lift proposals

MUMBAI, Aug 20: The Union Textiles Ministry has received project proposals worth Rs 7,500 crore under its modernisation scheme for the domestic textile industry. 8220;Under the technology upgradation fund TUF, set up recently to help the textile sector cope with modernisation challenges, a total of 111 applications amounting to Rs 7,500 crore have been received,8221; said Shyamal Ghosh, Union Textile Secretary.

Speaking to newsmen after the inauguration of a datebase unit Economic Research and Market Intelligence Unit ERMIU at the Office of Textile Commissioner, Mumabi, he said 42 applications for Rs 600 crore had been sanctioned while the disbursements stood at only Rs 35 crore.

The purpose will be to analyse and interpret such data for making timely forecasts of trends in production, consumption, prices and changes in fashions/designs to facilitate the industry to adopt the appropriate production techniques, product pricing and marketing strategies consistent with the international demands andrequirements and improving the competitiveness and achieving sustained growth.