Textile exporters may get more sops: Maran

The government on Tuesday indicated that forthcoming Foreign Trade Policy may grant some sops for the ailing textile sector especially exporters, who were disappointed over the Budget proposals.

"I will be interacting with the industry...after two months the FTP will come so whatever is not here (in the Budget), they (exporters) might get some shelter in the FTP," Textile Minister Dayanidhi Maran said.

The FTP is set to be unveiled in August. He said the Budget proposals should be read with the three stimulus packages announced earlier to boost exports and called the Budget "a growth spurring initiatives which dovetail with economic revival, infrastructure development, agriculture development, inclusive growth and restoring export growth".

The Budget has allocated Rs 4,500 crore (Rs 45 billion) for the sector. Funds worth Rs 3,140 crore (Rs 31.40 billion) has been assigned under Technology Upgradation Fund Scheme, while for the Scheme for Integrated Textile Park (SITP) Rs 397 crore (Rs 3.97 billion) has been given.

Maran also said the announcement of setting up of five mega clusters will generate employment for 50,000 people and attract an investment of about Rs 1,400 crore (Rs 14 billion).

One handloom cluster each in West Bengal and Tamil Nadu and one powerloom mega cluster in Rajasthan and two mega clusters for carpets at Srinagar and Mirzapur, would be set up in 18-36 months, he said.