Government will create a conducive atmosphere for Textile Industry

Mumbai, Sep 19 (UNI) Union Minister for Textiles, Shankersingh Wagela today said that the Government is making concerted efforts to improve the capacity, productivity and investment in the textile sector, so that it becomes the backnone of the Indian economy.

''The Government is committed to create an enabling and conducive atmoshere for the Indian textile industry to modernize and expand capacities. The various policies and procedures have been streamlined and made more export- friendly to enable them to compete more effectively in the international markets,'' Mr Vaghela said on the occasion of The Cotton Textiles Export Promotion Council's (TEXPROCIL) 52nd annual Export Awards function held here.

Mr Vaghela expressed confidence that the textile industry would continue to grow and play a vital role in creating more employment, enhance per capita income of the large workforce employed in the textile and allied industries, thereby ensuring egalitarian and efficient allocaiton of economic resources. There has been an upsurge of investment in texile sector. There has been an increase in investments in the textile sector during the last two-three years and the investment in the current is estimated to reach USD six billion. The industry is aiming for investments of USD 31 billion by 2010, thereby doubling India's share of the global trade.

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