Textile Sector to Invest Rp. 1.99 Trillion to Revamp Machinery

According to an official source, an investment of Rp1.99 trillion for modernising machines has been taken up by 159 textile and textile products manufacturing firms. Concessions have been extended to the firms for renovating their machines worth Rp181.74 billion.

So far, around 124 firms have been taken up for discussion by the technical group among the total applicants. Out of these 124 companies, 53 companies fall under the direct category and 71 companies come under the normal category.

100 firms have received consent letters to obtain the support (SPPB), out of which 38 firms belong to the direct category worth Rp28.99 billion, having an investment of Rp383.56 billion. The remaining 62 firms belong to the normal category worth Rp75.92 billion, having an investment of Rp942.25 billion.

Another 13,000 workers are expected to be employed in the textile and textile product manufacturing as a result of the added investments.

The production capacity is expected to rise by around 17-28 percent, productivity is about to rise by 7-17 percent whereas the energy-use is about to fall by 18 percent.
 
 
source: Fibre2fashion News Desk-India