By  on May 13, 2008

BANGALORE, India — The Indian government, encouraged by the success of a seven-year program to modernize and upgrade the country's vital textile sector, has extended it for another five years.

Under the program, called the Technology Upgrade Fund Scheme, which kicked off in April 1999, the central government offers an interest subsidy of 5 percent to textile companies when they take loans to upgrade specified machinery in their factories. The government has identified several financial institutions to give loans to these textile factories. The program also includes capital subsidy for buying state-of-the-art machinery.

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