SME Times News Bureau | 04 Oct, 2013
The Cabinet Committee on Economic Affairs has approved continuation of the scheme for Integrated Textile Parks ( SITP) in the 12th Five Year Plan and sanction of new projects for utilising balance Rs 717 crore in the plan allocation after meeting committed liabilities of the sanctioned 61 parks.
"CCEA has approved continuation of the scheme for Integrated Textile Parks (SITP) in the 12th Five Year Plan and sanction of new projects for utilising Rs 717 crore the balance left in the 12th Five Year Plan allocation, after meeting committed liabilities of the sanctioned 61 parks," an official statement said on Thursday.
The CCEA also approved additional grant of Rs. 10 crore to be given to existing parks for setting up apparel manufacturing units. Rs. 50 crore has been allocated for this purpose.
The overall impact and progress of the scheme for integrated textile parks had been positive and the scheme had been successful in terms of leveraging private sector investment, employment generation and creation of need-based, product based world class infrastructure for the industry.
With the increasing costs of production in established clusters and heightened emphasis on environmental compliances, there is a growing need for establishment of green field textile parks that would address both these constraints, it said.