The government Thursday said it will release a subsidy of Rs.2,546 crore ($535 million) for the crisis-hit textile sector.The fund will reach 12,540 beneficiaries through 121 financial institutional banks. In India's annual budget presented last month, the government allocated Rs.3,140 crore for the Technology Upgradation Fund Scheme (TUFS) for textile firms. Maran said that the beneficiaries would get 10 percent capital subsidy for the machinery they had purchased. The country's textile sector is facing one of its worst crises as business orders from the advanced economies like the US and Europe fell sharply due to the global slowdown.
According to the Apparel Export Promotion Council (AEPC), India's garment exports fell 15.4 percent in the first quarter this fiscal.
source: http://sify.com/news/fullstory.php? a=jigptIigcbg&title=Government_to_release_Rs_2_546_crore_for_textile_sector
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