The Ministry of Textiles has sought enhanced budget allocation of Rs 24,597 crore from the Planning Commission for the 12th Plan period for the development of the sector, and creating 15.8 million jobs by 2016-17.
The budgetary support would be used for further development of powerloom and sericulture sectors and upgradation of existing NIFT centres.
The Ministry plans to continue modernisation and technological upgradation of the sector through restructured Technology Upgradation Fund Scheme (TUFS).
Under TUFS, textiles companies get five per cent subsidy on loans from the Government for upgrading technology. During the 11th Plan, the Ministry was granted funds worth Rs 14,000 crore.
The ministry of textiles announced the yarn bank scheme under Power Tex India with an objective of providing interest free corpus fund to special purpose vehicles or consortiums to enable them to purchase yarn at wholesale rate and give the yarn at a reasonable price to small weavers.
