"The TEQP has been formulated keeping in view the requirements of market which will become free once the multi-fibre agreement is signed by the member countries in December 2004," Rana said while addressing a press conference here on Tuesday evening.

Similarly, he said the new textile policy approved by the Centre recently would also be implemented within 100 days since the NDA Government took over at the Centre. Referring to the TEQP, Rana said the five-year policy had been formulated keeping in view the interests of the small weavers and textile exporters. "Once the policy is implemented, the export quota for the small textile exporters will increase from 10 per cent to 15 per cent," Rana said. He added that the country's foreign exchange reserve would also go up from Rs 54,000 crore to Rs 75,000 crore. More than 50 lakh people were expected to get employment following the implementation of the TEQP, he said.

According to the Minister, the new quota policy also dovetails the Technology Upgradation Fund (TUF) scheme with allocations under manufacturer exporter entitlement system and New Investor Entitlement (NIE) system. "This dovetailing, it is hoped, will ensure modernisation and upgradation of export-oriented industry. It will also result in making it more competitive to face the post quota regime," Rana stated. "As far as the implementation of the new textile policy is concerned, we are already in touch with the Agriculture, Labour, Commerce and Finance Ministries", Rana said. He claimed that all the textile policies introduced by the Centre were targeted at reviving the sick textile mills across the country.

Similarly, he said a Cotton Technology Mission aimed at increasing the production of cotton in the country was currently under consideration by the Ministry of Agriculture headed by the Prime Minister himself.

Rana said the Rs 25,000-crore Technology Upgradation Fund (TUF) for modernisation of the viable textile mills was also under implementation. "Under TUF, loans would be provided through financial institutions to only those Textile units where there was scope for modernisation," he said.

To a query, Rana said the issue of European countries imposing embargo on the Indian textile on the ground that they were prepared by child labourers and chemicals were used for dyeing them would also be raised at the WTO meeting to be held at Seattle next month.