Manufacturing

UP Set to become a Major Textile Hub

UP Set to become a Major Textile Hub

In order to make Uttar Pradesh a global textile hub and attract investors in the field of handloom and textiles, the state government is soon going to introduce a new Textiles and Garment Policy-2022.

Under new textile policy attractive facilities will be offered to entrepreneurs along with capital investment subsidy up to 40%.

Preparations are made to provide special facilities to the investors investing in UP and in the proposed policy, investors in Purvanchal and Bundelkhand would be given additional benefits.

A provision was being made to give 100 per cent stamp duty and land cost subsidy in the new policy. In addition, grants would be given for infrastructure facilities, he said, adding that subsidies would also be given for employment generation.

To increase exports from the state, exemption in export subsidy and electricity duty will be given.

Besides, 100% reimbursement will be given to the developer who develops a private textile park.

He said under the Textiles and Garmenting Policy-2017, 79 proposals for investment in handloom and textile sector were received, out of which 53 were for micro, small and medium enterprises (MSMEs) and 26 for large, mega and super mega industries.

 

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PS NewsDesk

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