A final shape was likely to be given after discussions on those recommendations in another two to three months and the policy will be implemented by the end of this year, he told newsmen here last evening.

One of the basic guidelines of the new policy is to make the indian textile industry more competitive in the global market as the multi-fibre agreement (MFA) with importing countries will come to an end by December 2004 following the WTO declaration, the minister who was on a two-day visit here, said.

The policy guidelines also emphasised the need for modernisation of the textile industry through technical upgradation to produce quality fabrics and finished products, Rana said.

The minister said the centre had already decided to raise Rs 38,000 crore forthe proposed ``technology upgradation fund scheme'', out of which rs 20,000 crore will be raised from the financial institutions.

He said the Centre will also contribute Rs 3,000 crore as interest subsidy to the upgradation fund scheme.