CCEA approval for SITP target

NEW DELHI: The Cabinet Committee on Economic Affairs gave its approval for increasing the target under the Scheme for Integrated Textile Parks (SITP) to 30 from the present 26 during the 10th five year plan. The CCEA, which met here on Thursday under the chairmanship of Prime Minister Manmohan Singh, enhanced the target parks target which includes 26 projects sanctioned so far, as against the 25 approved.

It has been decided that there would be no changes in the existing funding pattern and other parameters, Information & Broadcasting Minister P R Dasmunsi said. Development of additional parks will facilitate additional investment, employment generation and increase in textile production, he said.

The minister said all the parks would be sanctioned by March 2007 and the projects would be completed by 2008-09. Under SITP, the textile ministry provides infrastructure facilities such as roads, electricity supply including captive power plants and telecom lines to firms willing to set up textile units.

Many of the textile parks are at various stages of implementation. These parks are expected to make the Indian industry competitive vis-��-vis other nations. Apart from making the industry cost competitive, these parks are expected to enhance manufacturing capacity of the Indian textile sector.