Textile sec needs FDI of Rs 27,000cr: FM

 Since other neighbouring countries like Pakistan, Bangladesh and Sri Lanka would draw major investments in the post-quota regime, the Indian sector also required huge capital investments within the next 18 months, he said.

 He was speaking after inaugurating the country's first apparel park at New Tirupur, about 55 km from here.

 The minister said he would be happy if these investments came from individuals within the country. "Otherwise the country would have to attract foreign investments to rejuvenate the sector," he said.

 In October 2001, the total investment proposals in the country were to the tune of Rs 15,41338 crore. This came down by 2.8% in 2002 and further slid by 5.7% the next year, he said.

 However, the proposals had shown a 27% increase by October 2004 to Rs 17,93971 crore, with the manufacturing sector accounting for Rs 4,25,000 crore, of which textile sector had an investment, both proposals and ongoing, of Rs 9930 crore, the minister said.

 Both foreign investment and technology were needed for the economic growth of India, he said.

 The finance minister assured that he would study the problems of the sector in detail and attempt to provide necessary measures, which could reflect in the next budget.