CCEA gives nod for 10 textile parks

New Delhi In two initiatives to boost the textile sector, the Cabinet Committee on Economic Affairs (CCEA) today sanctioned 10 new parks and decided to continue the existing norms for government support.

It also decided that the Scheme for Integrated Textiles Parks (SITP) will continue in the Eleventh Five-Year Plan period (2007-12).

The government expects that the textiles parks will facilitate additional investment and employment and increase production.

A total of 30 textiles projects have been approved in the Eleventh Plan. These involve an estimated project cost of Rs 2,893 crore, of which the central assistance under the scheme will be around Rs 1,055 crore.

The estimated investment in the parks approved today is Rs 15,258 crore and the estimated annual production is worth Rs 24,000 crore. The parks are expected to employ more than 545,000 workers and become operational by March 2009.

The CCEA also approved the launch of the first phase of a Rs 243-crore scheme on rejuvenation, modernisation and technology upgrade of the coir industry.