Modernisation fund for India

15 July 2005

A Rs290 crore (US$66.7 million) leather industry modernisation fund has been approved by the Cabinet Committee on Economic Affairs (CCEA). 'The objective is to modernise the manufacturing facilities with state-of-the-art technology and machinery, thereby enhancing productivity, production, quality consistency and global competitiveness', said M Rafeeque Ahmed, chairman of the Council for Leather Exports (CLE). Rs110 crore (US$25.3 million) has already been approved for five industrial parks: one for leather (Nellore); two for components (agra and Chennai); one for footwear (Chennai); and one for leathergoods (Calcutta). The components park in Chennai is said to be progressing well. Money will also be made available for training, overseas business trips and advertising. The fund is expected to result in a further Rs1,200 crore (US$275.9 million) of investment in various other industries across the country in the next three years. Source: []

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