COMPANIES

specifically for modernisation programmes; (ii) classification of cotton textile as a "priority" industry so as to make it eligible for development rebate at 35 per cent and instead of the existing rate of 25 per cent; (iii) payment of 10 per cent of the cost of new machinery purchased by a mill from the amount of excise duty collected from it; and, (iv) grant of long-term modernisation loans from the IFC, IDBI, and other financial institutions upto 80 per cent of the value of existing assets instead of upto 50 per cent as at present.