New Delhi, Feb 2 (ANI): Union Finance Minister Pranab Mukherjee today assured the textiles industry the Government's continuous support to upgrade technology, manufacturing processes and conducive policy environment to facilitate its proper growth and enhance productivity.
Speaking at a function after inaugurating " Tex-Trends India 2011", here, Mukherjee said: "The Government is sensitive to the needs of this industry. It has provided and shall continue to provide the textile industry a conducive policy environment to facilitate its growth and encourage innovation with a view to enhance productivity."
"The Government supports up-gradation of technology, manufacturing processes and the development of human resources for this industry," he added.
Towards this end, Mukherjee said that the Union Budget 2010-11 took several initiatives. It included a significant increase in funds allocated to Cotton Technology Mission and to the integrated textile parks, and extension of the interest subvention of two per cent until March 31, 2011 for exports covering handicrafts, carpets and handlooms segments of this industry.
"The textile industry is also being supported with an extensive skill development programme to train three million persons over a five year period, by leveraging the strength of existing institutions under the textile ministry, he added.
Mukherjee said that in the post-global financial crisis period, even as the economy gathers momentum and our exports grow, there are many sectors of the economy that need policy attention.
As the time for Union Budget draws closer, he said that the expectations of actors from these different sectors of the economy tend to rise.
Considering this a healthy sign for a growing economy , the Finance Minister further assured textile industry said: " As the Government prioritizes its commitments and resources in the overall interest of the economy, the textiles industry, including its rural dimension, will be given the priority that it deserves."
He further said that the economic reforms pursued by successive Government over the last two decades have unleashed a new era of high growth in the Indian economy, especially so in the last 5 to 7 years. (ANI)