NEW DELHI (Commodity Online): India Government has approved 21 new textiles parks under the Scheme for Integrated Textiles Parks (SITP) with a project cost of Rs. 2100 cr and is expected to be implemented over a period of 36 months, Ministry of Textiles said in its annual performance review.
The new textiles parks would leverage an investment of over Rs. 9000 cr and provide employment to 4 lakh textiles workers.
The product mix in these parks would include apparels and garments parks, hosiery parks, silk parks, processing parks, technical textiles including medical textiles, carpet parks, powerloom parks.
The country government sought to ensure balanced regional development, promote textiles industry in North Eastern States and in States where the industry is in a nascent stage of development and promote textiles parks in cooperative & handloom sectors.
The Indian Textiles Industry has an powerful presence in the economic life of the country. The sector contributes 14% of industrial production, 4% of GDP and 10.63% of country’s export earnings.
Under 11th Five Year Plan (FYP) it was projected to accelerate to a growth rate of 16% in value and should reach the value of USD 115 billion (exports USD 55 billion and domestic market USD 60 billion) by 2012.
Exports are likely to reach USD 32 billion in 2011-12 and domestic market to USD 55 billion.
