India releases 53.5 million dollars to upgrade textile industry

October 7th, 2009 KOLKATA - The central government has constituted a working group to formulate a National Fibre Policy (NFP) by the end of the year, Textiles Minister Dayanidhi Maran said Wednesday. "Hopefully, by the end of this year, a comprehensive policy on all fibres will be in place," Maran said during a seminar with the industry players here.

September 8th, 2009 NEW DELHI - Union Textile Minister Dayanidhi Maran will inaugurate the Gujarat Eco Textile Park setup under the Scheme for Integrated Textile Parks (SITP) at Surat on Wednesday. The park has been set up in an area of 104 acres, at a cost of Rs.

August 13th, 2009 Earnings schedule for week of 8/17/09Major companies tentatively scheduled to report quarterly earnings next week: Monday MOORESVILLE, N.C. — Lowe's Cos.

August 3rd, 2009 NEW DELHI - Though the overall economy has started showing signals of an early recovery, the country's textile sector, the second largest employment provider, is still struggling with the slowdown, an industry report said Monday. The report by the Associated Chambers of Commerce and Industry (Assocham) said decline in textile exports and massive layoffs in the industry were still continuing.

July 22nd, 2009 NEW DELHI - India's textile industry was hit hard by the global slowdown last year, with the handloom and powerloom production declining 3.8 and 3.2 percent respectively, a union minister said Wednesday. According to the provisional data available, production in the handloom sector in 2008-09 stood at 6,677 million square metres, as compared to 6,947 million square metres the year before, Minister of State for Textiles Panabaaka Lakshmi told the Rajya Sabha.

July 8th, 2009 NEW DELHI - The Communist Party of India (CPI) has said that it will launch a countrywide agitation against high prices of essential commodities despite low rate of annualised inflation. CPI general secretary A B Bardhan said that though the rate on inflation based on whole sale price index was very low, the prices of commodities continued to be high.

June 24th, 2009 NEW DELHI - The government will spend Rs.1,100 crore (Rs.11 billion) annually till 2012 to provide subsidies and upgrade technology to the textile sector, Textiles Minister Dayanidhi Maran said here Wednesday. The Technology Upgradation Fund Scheme (TUFS), which was launched to improve competitiveness and overall long term viability of the industry, has been extended till March 31, 2012.

June 24th, 2009 NEW DELHI - The government will provide health insurance to 150,000 weavers and open two textile parks, Textiles Minister Dayanidhi Maran said Wednesday while unveiling the department's first 100 days' work agenda. "The textile sector is the second largest employer after agriculture and accounts for 13.5 percent of the total merchandise export earning and four percent of the GDP," said Maran.

June 19th, 2009 MUMBAI - Textiles Minister Dayanidhi Maran wants the sector to develop the "Made in India" brand and diversify into markets beyond the US and the European Union. "The US and EU markets are brand-driven, and through branding we will be able to create a niche market for Indian textiles products and ensure higher value realisation per unit, Maran told reporters here Friday.

June 17th, 2009 NEW DELHI - India has signed a deal with an Ukraine firm to modernise its 100 medium lift AN-32 cargo aircraft. The contract, worth over 400 million dollars was signed between Ukrainian military export monopolist Ukrspetsexport and India to upgrade the planes operated by the Indian Air Force.

June 12th, 2009 NEW DELHI - The government will exempt the slowdown-hit textile sector from service tax as part of its short-term strategy to bail out the industry, Minister for Textiles Dayanidhi Maran said here Friday. As part of our short-term strategy for the textile industry, we will try to rationalise fiscal structure, exempt service tax, reduce interest rates on pre and post-shipment credit and facilitate faster clearance of arrears, Maran said here while releasing a report on the effects of the slowdown on the textile sector.

June 12th, 2009 NEW DELHI - The textile industry will regain lost ground to grow at 7-8 percent in the current fiscal, Textiles Minister Dayanidhi Maran said here Friday. Industry is quite optimistic and I am also quite optimistic we will be able to achieve that growth, Maran told reporters on the sidelines of a conference here.

June 6th, 2009 BANGALORE - A decline in export orders has adversely affected the textile industry in Bangalore. Around 35 million people employed in the industry have been hit hard.

May 13th, 2009 NEW DELHI - After successfully running training centers across India that focus on the garment industry, the Apparel Export Promotion Council (AEPC) has expanded its educational and training initiatives through its Institute of Apparel Management (IAM) for the fashion and lifestyle industry. Launched in 2007, IAM has been promoted by AEPC to address the 'national talent deficiency' of competent professionals in the textile, fashion and lifestyle industries.

January 20th, 2009 SURAT - The Income Tax department continued search and seizure operations for the second day Wednesday, raiding 14 more textile units in this south Gujarat city to unearth unaccounted income. On Tuesday, the department had targeted 40 textile and paint manufacturing units.