The textile sector in India may get access to credit at affordable rates. A national textiles policy will be announced soon. Efforts are also on to increase competitiveness of the Indian textile and apparel sector in global markets. India is looking at taking advantage of rising wage costs in China.
Textile and apparel exports managed a resilient performance in FY ’16, mainly on account of high growth registered in carpets, handicrafts, jute and even readymade garments. The amended Technology Upgradation Fund Scheme was rolled out in January 2016 with a budget provision of Rs 17,822 crores for the next seven years. It is expected to attract an investment of Rs one lakh crore and generate jobs for 30 lakh people.
Also, the Integrated Processing Development Scheme was rolled out to provide up to 50 per cent assistance for common effluent treatment plants with a zero liquid discharge system, subject to a ceiling of Rs 75 crores. A 50 per cent subsidy may be granted to power looms operating on solar energy.
The aim is to increase the earning of handloom weavers to Rs 500 a day. The total subsidy to be given is Rs 3.75 lakh to persons belonging to the general category, Rs 5.62 lakh for the OBC category and Rs 6.75 lakh to SC/ST.