NTC, run by state is expecting to increase 40billion rupees from its asset sales in Indore, Kanpur and Mumbai, if real estate sector shows improvement, said the federal textiles minister.
Recent modernization of several mills has helped in acquiring approx 40.34billion rupees only through the assets sale that includes the amount of closed mills, said Dayanidhi Maran. He also added that yarn export heading towards China is set by NTC. Rita Menon, secretary at textile ministry said that we are keenly interesting in undertaking the asset sales just when the real estate sectors get better.
24 mills are being modernized by NTC by their own, while rest 16 is likely to be revived by joint ventures, she added.
Government is getting prompted by the improved demand of textile apparels and other products for spending more on modernizing and reviving shut textile units.
Around 20 percent additional funds are being allocated for textile industry India by the Ministry for FY11 that the number which was there previous year, said Menon.
Approx 45billion rupees are being allocated by India in its Textile sector during 2009/10, she added. We are expecting much hike in this, 20%increase has been already proposed.
She also expressed that the ministry was hoping no such negative results of Governmental economic stimulus measures.
During the previous annual budget 2% rate of interest subsidy has been extended by India on bank loans, being allotted to textile exporters, jewelry merchants and leather dealers. Governmental assistance is being given in the form of funding of 14billion rupees to technology up-gradation scheme to the textile firm.
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