Press Esc to close
Wednesday 01 October 2014
News updated at 2:31 AM IST
Weather
Max: 31°C
Min : 21°C
In Bangalore
Sunny day

Chidambaram proposes Rs.2,400 crore to powerloom sector

New Delhi, Feb 28, 2013 (IANS)

Finance Minister P. Chidambaram Thursday proposed Rs.2,400 crore (approx $430 million) to modernise the powerloom segment under the technology upgradation fund scheme (TUFS) for the textile sector.

"I propose to continue the TUFS for the textile sector in the 12th Plan with an investment target of Rs.151,000 crore," Chidambaram said while presenting the union budget 2013-14 to the lower house of parliament.

According to him, the budget also proposes to set up apparel parks within integrated textile parks with an allocation of Rs.50 crore to the textile ministry.


The finance minister also proposed to provide Rs.50 crore for integrated processing development scheme which will be implemented in the 12th Plan period to address the environmental concerns of the textile industry.

The total outlay of the scheme in the 12th Plan period is estimated to be about Rs.500 crore.

Chidambaram also voiced his concern over the handloom sector which he called "in distress" and proposed to provide working capital and term loans at a concessional interest of six percent.

"I propose to allocate an additional sum of Rs.96 crore in 2013-14 to the ministry of textiles for interest subvention," he said. 

The finance minister added that the budget will leverage assistance from multilateral development banks to extend scheme for funds for regeneration of traditional industries (SFURTI) to 800 clusters during the 12th Plan with a planned outlay of Rs.850 crore.

Go to Top

Photo Gallery
Players of Kerala Blaster football team pose for a group photo with Kathakali Dancers in Thrissur ..

Players of Kerala Blaster football team pose for a group photo with Kathakali Dancers in Thrissur ..

Barack Obama and Narendra Modi, at the dinner hosted in his honour, at the White House ...

Barack Obama and Narendra Modi, at the dinner hosted in his honour, at the White House ...

Actors Vikram and Karthi participating in a fast to protest Jayalalithaa's conviction ...

Actors Vikram and Karthi participating in a fast to protest Jayalalithaa's conviction ...

Lahore Lions skipper Muhammad Hafeez is bowled during the Champions League Twenty 20 ...

Lahore Lions skipper Muhammad Hafeez is bowled during the Champions League Twenty 20 ...

Congress Vice President Rahul Gandhi provides relief packages to a flood victim in Jammu ...

Congress Vice President Rahul Gandhi provides relief packages to a flood victim in Jammu ...

Modi waves to supporters  in front of the Indian Embassy in Washington ...

Modi waves to supporters in front of the Indian Embassy in Washington ...

People enjoy a sheep fight in Hubli, Karnataka ...

People enjoy a sheep fight in Hubli, Karnataka ...

Chief Minister of Assam Tarun Gogoi interacts with flood victims at a relief camp at Boko ...

Chief Minister of Assam Tarun Gogoi interacts with flood victims at a relief camp at Boko ...

Products made out of waste materials by the students of a college in Rohtak ...

Products made out of waste materials by the students of a college in Rohtak ...

India's Sunil Vitalacharya Sowmarpet and Akashdeep Singh celebrate their victory over South Korea ..

India's Sunil Vitalacharya Sowmarpet and Akashdeep Singh celebrate their victory over South Korea ..

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523