New Delhi, Aug 7 India has released 53.5 million dollars of subsidies to textile firms to upgrade their technology.

This was disclosed by Union Textiles Minister Dayanidhi Maran while addressing a press conference here on Thursday.

He said that the subsidies under the technology up-gradation fund scheme would reach beneficiaries in three working days.

"I am happy to say that that nearly 2,545 crores (53.5 million dollars) of these funds will reach the beneficiaries in 72 hours. This is the first Himalayan task taken by the Ministry. I am happy to announce that all these funds will be electronically transferred to the beneficiaries and will reach them in three working days," said Maran.

The country's textile sector has been facing one of the worst crises as exports to countries like the USA and Europe fell drastically due to the global slowdown.

Maran also announced about setting up a committee to formulate a national fibre, under the chairmanship of textiles secretary.

"I am here to announce that the initially formed working group consisting of 41 members which will be headed by the Secretary, Textiles to come out with all suggestions and formulations to formulate the national fibre policy, which I feel is the need of the hour. If needed, we will include people from private sectors and their experiences and their suggestions in the national fibre policy," he added.

The working group has representatives from the government, trade and user industry. It will submit its recommendation within three months to make Indian fibres globally competitive. (ANI)