The Government on Tuesday enhanced subsidy allocation for modernisation of the textiles industry to 15,404 crore rupees . Earlier a sanction of 8,000 crore rupees was made for the current Plan ending 2012. The decision to increase the outlay and re-structure the Technology Upgradation Fund was taken by the Cabinet Committee on Economic Affairs in New Delhi. Under the re-structured scheme, 5 per cent interest subsidy and 10 per cent capital sops would be provided on brand new looms. The interest and capital subsidy would encourage investment in the industry worth 47,000 crore rupees. A report by UN Industrial Development Organisation said, in the overall textile sector, India's share in the world market is 16.8 per cent and the country ranks only after China among the developing nations.