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State gets Integrated Textile Policy

The State government announced its Integrated Textile Policy on Wednesday, giving thrust to sustainable growth of the entire textile value chain, promoting technical textiles, and encouraging textile industry in the southern districts.

Chief Minister Edappadi K. Palaniswami released the policy and Minister for Handlooms and Textiles O.S. Manian received the first copy. The earlier State policy for the textile sector was announced in 1998.

The State Government will provide 100% stamp duty exemption for technical textile projects, 6% interest subsidy for technical textile projects in addition to incentives from the Central Government, and 9% of the project cost as State grant to set up technical textile parks under the Scheme for Integrated Textile Parks.

Subsidy increased

In the handloom sector, the interest subsidy extended to primary handloom weavers’ co-ooperative societies will be increased to 6% from the existing 4% and allocation for the Rebate Subsidy Scheme will be hiked to ₹150 crore a year from the existing ₹80 crore.

Efforts will also be taken to set up silk parks in clusters such as Kancheepuram, Salem, Arni, and Thirubhuvanam.

For powerloom units, the government will provide an additional 10% capital subsidy to help the units go in for new shuttleless looms under the Amended Technology Upgradation Fund Scheme (ATUFS), buy new preparatory machinery, and for upgradation of plain looms under the PowerTex India Scheme.

The State government will provide 2% interest subvention for investments in technology upgradation and modernisation in existing textile mills that have vintage period of minimum 15 years on installed machinery.

Source: thehindu.com

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