The Governement has decided to give a fresh lease of life to National Textile Corporation (NTC) through selling of land worth Rs 1750 crore in Uttar Pradesh. Minister for Textile Santosh Gangwar has said that they are committed to not sell National Textile Corporation. The announcement has come a welcome relief to thousands of textile workers in the festival season.
A broad consensus was reached with Uttar Pradesh Government to sell NTC land worth Rs 1750 crore. NTC has prime land in 11 places in UP. Most of the land is leased by the state Government. UP government has agreed to facilitate the disposal of land.
The revenue generated through the sale will be utilized to nurture the ailing state-owned textile firms back to health.
Shri Santosh Gangwar said that there was a need to take a fresh look at the National Textile Corporation. A new textile policy is on the anvil. The government has already given green signal to set up 13 new textiles parks with a grant of Rs 520 crores for infrastructure development. The textile parks are estimated to bring in private sector investment of about Rs 3240 crores into the sector and generate direct employment for about 35,000 persons over the next three years.