Exhibitors expect a profitable International Textile Machinery Exhibition (ITME) this year in the light of the Government's recently unveiled $5bn Technology Upgradation Fund (TUF), which was announced as part of the new textile policy.

The Textile Ministry has launched TUF to make capital available for modernisation so that India's textile industry becomes internationally competitive in anticipation of quota protections ending in 2004. The Government has already received applications worth $2.4bn, and has sanctioned $0.9bn so far.

The ITME Society is organising the exhibition in Bombay from December1 to 10. About 550 participants, 325 Indian and 225 from overseas, will be displaying their wares. Fibre processing, spinning, weaving, knitting, fabric processing, garment manufacturing and IT-related products and services will be on display.

Overseas firms come from Switzerland, Italy, Korea, Japan, UK and Taiwan.

By Navroz Havewala