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Hence, powerloom industry now shall have to diversify its production pattern to cater fabrics required for garmenting.
The powerloom sector is the backbone of the Indian Textile Industry. The Government of India has initiated to bring all processes of the powerloom sector at one place. The Union Ministry of Textiles has taken some imaginative steps. It has initiated establishment of 'The Scheme for Integrated Textile Parks' (SITP). This will help scattered powerloom sector to bring all its operation at one place and help it establish its own foot-print in the export market. The Ministry envisaged establishment of 30 Parks across India. With the financial assistance of Rs. 40/- Crore under SITP for each park will help the entrepreneurs to trim down the cost of project other than plant & machinery by 35 to 40%. Similarly, with the benefits under TUFS of the Ministry of Textiles, Government of India for Plant & Machinery, the burden of repayment of interest on - the term loan availed by the entrepreneurs can also be trim down by 26 to 35%.
Thus, there will be direct gain of about 30-35% to the individual participating units on total cost of project, with the additional benefits of the cluster based strategy, which is huge support from the government side to an entrepreneurs to strengthen its business and capacity building the participating units to face the challenges.
The powerloom industry has the intrinsic strength not only to withstand but also to progress in post WTO regime. But, the industry has to modernise itself not only in machinery sector but also in adopting newer technology in manufacturing and to adopt newer marketing strategy etc. and also in development of new products.
The industry itself has to decide whether its future is "Bright" or "Bleak" in the post WTO regime.
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