Rajkot, Oct 7: The Textile Industry has accelerated an annual growth rate at 9 to 10 per cent and is expected to grow at a rate of 16 per cent by 2012, Union Textile Minister Shankarsinh Waghela said.
Addressing a press conference here today, the Minister has given detailed regarding Textile Industries' achievement after the central governement has taken several initiatives for the upgradation of the industries.
Due to the central government policy, it has been made possible by greater investments, creation of jobs, and higher inflow of foregn exchange through exports, the minister informed.
He, however, said that following the stronger of indian Rupee against the Dollar, the exporters have considerably suffered, but added that relief measures have been taken in this regards by the Central government such as reduction of Export Credit Guarantee Corporation (ECGC) Premia rates by 10 per cent, reduction of interest rate on pre and post shipment by two per cent, Provision of Funds by the Government of India to clear all pending cases of refund of Terminal Excise Duty, Central Sales Tax, Deemed Export Duty Drawback upto March 31, 2007.
''It can be safely stated that in the history of Indian textiles, this is the sunniest patch,'' he said.
The Minister said the Central Government endeavor is to provide state-of-the art technoloy to the industry to improve its competitiveness. Keeping this in focus, the government has continued with the modern, and growth-fuelling TUFS (Technology Upgradation Fund Scheme) in the XIth Five Year Plan.
However, he admitted that China's growth in the Textile Industries are much more better than our country.