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The government is planning to boost investment in power loom industry by opting for cluster development in the 12th five year plan (starting April 2012), said Mr A.B. Joshi, Textile Commissioner on Monday.
Speaking at the inaugural function of Texpo 2012, a buyer-seller meet and exhibition of power loom fabrics, made ups and home textiles, Mr Joshi said the Government will consider setting up of yarn banks to ensure availability of quality yarns to the textile industry.
The event was organised by Powerloom Development and Export Promotion Council (PDEXCIL) along with Hindustan Chamber of Commerce, Bharat Merchant Chamber and Mumbai Textile Merchants Mahajan.
Informing the gathering that the cabinet has recently decided to cover semi-automatic looms under TUF scheme, Mr. Bharat Chhajer, Chairman, PDEXCIL, said the maximum margin money subsidy for power loom will be increased to 30 per cent from the current 20 per cent.
Manufacturers and weavers from Varanasi, Delhi, Solapur, Bhiwandi and Mumbai are exhibiting their product lines in the exhibition.
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