Hry govt approves new policy for growth of textile industry in state
Keen on making Haryana a global hub of textile manufacturing and a preferred investment destination, the state government has approved Textile Policy, 2018 to incentivise setting up of new units and ensure growth and modernisation of the existing textile industry in the state.
"The policy is packed with fiscal incentives and contains provisions for infrastructure augmentation, setting up of textile parks, promotion of Khadi industry and facilities for skill training. It aims at generating 50,000 new jobs by attracting investment in the textile sector to the tune of Rs 5,000 crore," Industries and Commerce Minister Vipul Goel said after the state Cabinet meeting here.
He said the policy has been formulated with an eye on the cotton belt of Haryana.
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The state is one of the leading cotton producers in the country with Sirsa, Fatehabad, Bhiwani, Hisar and Jind being the main cotton producing districts.
The minister said that the policy proposes capital investment subsidy of 10 per cent subject to maximum of Rs 20 lakh for the eligible capital investment for Individual Textile Units set-up in Textile Parks in A' & B' category blocks.
For bringing in women entrepreneurship in Haryana, the policy proposes 15 per cent capital subsidy subject to maximum of Rs 25 lakh. It aims to boost textile exports by Compound Annual Growth Rate (CAGR) of 20 per cent during the policy period.
Goel said to support development of backward regions, the policy proposes support to individual textile units set up within and even outside textile parks in C & D category blocks.
The policy also proposes 25 per cent capital investment subsidy at the rate of 25 per cent maximum up to Rs 50 crore on the eligible capital investment specially to promote anchor units.
Goel said that under the policy, the state government will facilitate setting up of apparel parks exclusively for apparel manufacturing units in Mewat district.
An Integrated Textile Park in Hisar District and a Textile Park exclusively for Dyers and Processors in Faridabad District shall also be assisted by the State government.
The policy also envisages collaboration with premier engineering and research institutes such as IIT Delhi to promote entrepreneurship and new product development in textiles including technical textiles.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)