Vaghela announces relief package for textile industry

Surat, Oct 2 (UNI) Union Textile Minister Shankersinh Vaghela today announced a relief package for textile industry to minimise the effect of appreciating rupee against US dollar on Indian merchandise exports, including textiles.

He said the growth target according to the Five Year Plan was 16 per cent and the growth in exports was 22 per cent per annum. The textiles contribution to foreign exchange earnings was 14.83 per cent. For the curret year, it is estimated at USD 25 billion.

He said with the help of National Textile Corporation (NTC), 22 mills will be modernised and the orders for the purchase of machineries worth Rs 104 crore for 13 mills had been given.

The Ministry has sanctioned a total of 30 projects this year. Of which, seven will be set up in Gujarat -- 4 in Surat and one each in Kutch, Kheda and Anand districts, Mr Vaghela said.

The state has received an investment worth Rs 3,622.80 crore, he added.

UNI