Uttar Pradesh approves new policy to promote textile sector

October 17, 2022

Category: General

Country: India

15/10/2022 03:11pm

Lucknow, Oct 15 (KNN) The Yogi Adityanath government on Thursday approved the Uttar Pradesh Textile and Garmenting Policy-2022 with an objective to make the state a textile hub.

The primary aim of the new policy is to establish the state as a global level garment manufacturing centre and sustainable development of all types of units related to textile industry like handloom, powerloom, spinning, weaving, processing, and garmenting. It will ensure development of all units through hand-holding and attracting private investment in the sector.

The state government through this policy is also aiming to attract private investment worth Rs 10,000 crore in the sector. It also aspires to create employment opportunities for five lakh people, develop five textile and garment parks in the private sector, and to increase the income of handloom and powerloom weavers.

Speaking about the approved policy, Parliamentary Affairs Minister Suresh Khanna said that there is a provision to provide special incentives with financial facilities in various items to the units investing in the textile sector, for the purpose of generating employment by attracting investment.

“This policy will be effective for five years from the date of promulgation. This policy will increase investment in the state and is likely to generate three lakh employment opportunities,” he said.

Under the new policy, 25 per cent capital subsidy will be provided to textile and garments units on investment made on purchase of plants and machinery. Apart from this, additional capital subsidy will be reimbursed at the rate of 5 per cent to textile and garments units to be set up in Madhyanchal region of the state and at the rate of 10 per cent to textile and garments units to be set up in Purvanchal and Bundelkhand, as per a report in the Daily Pioneer.

The cap on capital subsidy will be limited to Rs 100 crore per unit.

The state cabinet also approved the Uttar Pradesh Dairy Development and Milk Product Promotion Policy-2022 by abolishing Uttar Pradesh Milk Policy-2018. (KNN Bureau)

Courtesy: https://knnindia.co.in/news/newsdetails/state/uttar-pradesh-approves-new-policy-to-promote-textile-sector