"I do expect the Cabinet to take it up for deliberation within the next fortnight," Textiles Secretary Rita Menon said today at a Ficci function here.
The government had provided Rs 8,000 crore as assistance for textiles industry's modernisation in the 11th Plan (2007- 12), under the Technology Upgradation Fund Scheme (TUFS).
While there are 18 months to go for the conclusion of the current Plan, the expenditure committed up to June 2010 has exceeded the allocations.
Meanwhile, Minister of State for Textiles Panabaaka Lakshmi said in a written reply in the Lok Sabha, the government had suspended the sanction of new projects under the TUFS.
The $63-billion textiles industry has been demanding continuation of the scheme as the freeze would adversely impact their investment and modernisation plans.
The segments like spinning, cotton ginning and pressing, garments and weaving are among those who have taken benefit of the scheme.
The domestic textiles industry, which employs about 35 million, requires constant modernisation of its plant and machinery to compete with China in global markets.
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The fiscal deficit for the current financial year has been pegged at 4.1% of the gross domestic product