‘Textile sector needs Rs 27,000 cr investment’

With the phasing out of the quota regime this year, Indian textile sector requires new investments of Rs 27,000 crore to compete with other ...

With the phasing out of the quota regime this year, Indian textile sector requires new investments of Rs 27,000 crore to compete with other countries, Finance Minister P. Chidambaram said on Monday.

Since other neighbouring countries like Pakistan, Bangladesh and Sri Lanka would draw major investments in the post-quota regime, the Indian sector also required huge capital investments within the next 18 months, he said.

He was speaking after inaugurating the country’s first apparel park at New Tirupur, about 55 km from here.

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The minister said he would be happy if these investments came from individuals within the country. ‘‘Otherwise the country would have to attract foreign investments to rejuvenate the sector and compete with other nations,’’ he said.

In October 2001, the total investment proposals in the country were to the tune of Rs 15,41338 crore. This came down by 2.8 per cent in 2002 and further slid by 5.7 per cent the next year, he said.

However, the proposals had shown a 27 per cent increase by October 2004 to Rs 17,93,971 crore.

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