Government to revive and promote the textile industry

Union Textiles Minister Shri Shankersinh Vaghela has said that major steps had been taken to liquidate National Textile Corporation (NTC) assets as well as revive and promote the textile industry. He said that the Textile Upgradation Fund Scheme (TUFS) for the National Textiles Corporation would be announced shortly.

About 18 NTC mills will be revived through joint ventures and 22 will be modernized by the Government. Procedure for disposal of assets of the defunct mills was also under active consideration. He further said that the DEPB rates had already been raised and other benefits duly extended to counter the rupee appreciation and the affected export situation. The positive effects of this will soon be realized.