Rs.100 crore allocated for its revival
MALAPPURAM: The budget presented by Finance Minister T.M. Thomas Isaac on Friday has given a renewed vigour to the public sector textile industry in the State.
As much as Rs.100 crore had been allocated for the revival of the public sector textile industry. “It is for the first time that the State's public sector textile industry has got such a commendable budgetary allocation,” said P. Nandakumar, chairman of the Kerala State Textile Corporation.
“In fact, Kerala is the only State to spare so much for the public sector textile industry. No other State has allocated so much for the textile industry,” he said.
Mr. Nandakumar said the budgetary allocation would give the textile industry the much-needed boost. As much as Rs.36 crore has been kept aside for setting up a modernised spinning and weaving mill at Komalapuram, Alappuzha.
A weaving mill will be opened at Pinarayi, Kannur, at a cost of Rs.20 crore. As much as Rs.16 crore has been allocated for an open-ended spinning mill at Uduma, Kasaragod. The government will spend Rs.15 crore for modernising the cotton mill at Thiruvannur, Kozhikode.
“We are planning to enhance the spinning capacity of the mill by installing more new spindles,” said Mr. Nandakumar.
Dr. Isaac allocated Rs.5 crore for the spinning mill in Thiruvananthapuram. “This is a timely and valued move by the government to save an industry from crisis,” said Mr. Nandakumar.