Textile parks: Ministry gets 52 project proposals

Coimbatore: The Ministry of Textiles has received 52 project proposals for setting up textile parks under the scheme of integrated textile parks. But it is likely to shortlist this number so that the final sanction would be restricted to 25 projects this year.

According to Mr Sudripta Roy, Joint Secretary in the Ministry, nine projects were given sanction and seven are under consideration. Sanction for another nine would come through by September. The Government wanted these projects to start off their work early so that they become eligible for the investment incentives envisaged under the technology upgradation fund scheme (TUFS), which is due to expire by March next.

To facilitate reimbursement of interest subsidy for the TUFS loans, the Ministry has approached the Government for an additional Rs 1,000-crore allocation this year as the Central allocation of Rs 535 crore given for the current year would be exhausted by June.