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| Fabric Budget 2005-2006 |
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Indian textile industry is very large and diverse. It (textile industry) is the second highest employer in india and contributes 1/5th to the total export earnings. Textile industry accounts for 4% to the Gross Domestic Product. Indian textile industry in its diversity attributes to fiber-production, spinning, knitting and weaving and apparel manufacturing.
The great diversity of indian textile sector is it's strength as well as it's weakness because even government regulations and financial policies have been unable to adequately fulfill the varied needs of it's different segments.
The Rs.1,300 billion Indian textile industry according CII study is estimated to grow over $85 billion from the present $13 billion by the year 2010. Ending of the textile quotas have brightened the future of the domestic industry and turned India into a global textile and apparel outsourcing hub.
This vision document released by government pleads for removing infrastructure constraints and bringing down transaction cost. It also ensures adequate raw material availability and an end to antiquated laws.
Some of the highlights of textile budge 2005-6 are:-
--->Estimated investment is Rs. 30,000 crore.
--->Proposal to reduce the customs duty on textile machinery
--->Lower customs duty on specified machinery in leather and footwear industry
--->Technology upgradation fund (TUF) scheme is being continued with an enhanced allocation of Rs 435 crore.
--->Introduce 10 per cent capital subsidy scheme for the textile processing sector.
In recent years Indian textile industry has experienced huge growth in investments and it might happen that the technology upgradation fund scheme (TUFS) will be extended beyond the year 2006. This scheme has greatly helped to enlarge production capacity of textile industry.
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