Minister of State (Independent Charge) for Textiles, Santosh Kumar Gangwar, has announced that the Textile Ministry plans to launch a venture capital fund with an initial corpus of Rs. 35 crore in association with the Small Industries Development Bank of India (SIDBI) to support start-up entrepreneurs in the sector. Tex-Venture Capital Fund will soon be introduced in association with SIDBI, to provide equity to start-up entrepreneurs. It will start with an initial capital of Rs. 35 crore and will be scaled up further. The Ministry has also invited proposals from the State Governments to enable the Centre to sanction textile parks in each state. The Ministry provides support for 40 per cent of the project cost subject to a ceiling of Rs.40 crore. The State Government agencies, such as Infrastructure/Industrial Development Corporations, may also participate in the process by way of subscribing to the equity to special purpose vehicle or by providing grants, he said.
A new scheme to help the textile industry by providing environment-friendly processing technology has also been announced. The Integrated Processing Development Scheme would set up new processing parks as well as support upgradation of existing processing clusters, specifically in the area of water and waste water management.
