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Centre plans to set up yarn depot with UP to boost textile sector

YarnsandFibers News Bureau 2018-02-26 12:00:00 – Lucknow

Indian textiles minister Smriti Irani at the investor’s summit that concluded in state capital Lucknow on February 22, announced a proposal to jointly set up a yarn depot with the Uttar Pradesh (UP) government to give a further boost to the textile sector in the state, which garnered proposals worth Rs 7,000 crore.

The proposal to set up yarn depot in UP is through which weavers can directly purchase yarn at subsidised rates, as subsidies hardly reached weavers, a top Indian newspaper quoted the minister as telling the summit.

She also urged UP industry minister Satish Mahana and textile minister Satyadeo Pachauri to start discussions with industrialists to restart closed knitwear mills. The new textile policy was announced as many UP industrialists want to return to the state.

Problems faced by mills in Kanpur, primarily due to trade unions, are over now, Pachauri said.

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