call for FDI in textile machinary sector

Coimbatore, July 27 (UNI) Textile Commissioner T N Singh today called for Foreign Direct Investment (FDI) in the textile machinery manufacturing sector taking advantage of the increased vibrancy of the country's textile sector.

Inaugurating "Tex-Spares 2006", an exhibition of textile machineries and spares, organised by the Southern India Mills Association (SIMA), he said,the overall textile trade in the country is expected to touch 85 billion US Dollars.

Exports to United States were growing at the rate of 26 per cent and by 18 per cent to European countries.

Mr Singh said investments in the textile sector under the Technology Upgradation Fund (TUF) scheme is expected to more than duble during the current fiscal compared to Rs 15,000 in the last financial year.

He said Tamil Nadu will be the biggest beneficiary from such investments as the state attracted nearly 33 per cent of the investment made last year.

UNI KS VV ADB1620