The Indian Government has granted the state of Karnataka Rs. 10 billion as a special textile package for the revival of nine spinning mills in the region and converting cooperative loans given to beneficiaries into equity shares.
The Karnataka state textiles minister, Baburao Chinchansoor, said at a conference of state textiles ministers in Delhi, that out of the total amount, Rs. 100 million would be paid to state run banks towards dues raised to build the integrated textile park at Doddaballapur, near Bangalore, as well as to set up textile parks and skill development centers across the state, reports Business Standard.
Mr. Chinchansoor said that a part of the fund would be used to increase the minimum wage of weavers in the region, as well as to pay arrears incentives and subsidies to investors.
The Karnataka state textiles ministry also plans to set up an international textile park at Yadgir and a skill development centre at Gulbarga, in the northeast region of the state with funds from the special package.
The funds would also be used to train unemployed youth in skills required by handloom and powerloom units, the state textiles minister added.
The government of Karnataka also proposes to build a new port under the public private partnership (PPP) model at a cost of Rs 6 billion at Honnavar port town in Uttara Kannada district, and would also be laying the foundation stone for the port during the second week of November, 2013.
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