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India:FM Chidambaram foresees Rs 27,000cr investment in
textile sector |
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2005-1-12
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The Indian textile sector will require fresh dose of investments worth Rs 27,000 crore, to compete with other countries, says Union Finance Minister P Chidambaram refereeing to the post textile quota era, today.
Stating that neighbouring countries like Pakistan, Bangladesh and Sri Lanka were also infusing funding in their respective textile sectors, Indian textile sector within a span of 18 months would require huge capital and investments, Chidambaram said after inaugurating the first Apparel Park in the country, at nearby New Tirupur, about 55 kms from Coimbatore, Tamil Nadu.
The Minister said he would be happy if these investments came from individuals within the country. Otherwise the country has to attract foreign investments, to rejuvenate the sector, to compete with other Nations.
He said the country had total investment proposals to the tune of Rs 15,41338 crore in Oct 2001, which came down by 2.8 per cent in 2002 and again down by 5.7 per cent the next year.
However, the proposals had shown an increase by 27 per cent by Oct 2004 amounting to Rs 17,93971 crore, with manufacturing sector accounting for Rs 4,25,000 crore, of which textile sector had an investment, both proposals and ongoing, of Rs 9930 crore, Chidambaram said.
He said that both, foreign investment and technology were needed for the economic growth of India.
Assuring the textile sector, the Finance Minister said he would study the problems in detail and attempt to provide necessary measures in the next budget. |
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