Government working out plans to set up 25 more textile parks in India

Union Minister of State for Textiles Santhosh Kumar Gangwar on Sunday at the 25th year celebrations of the Tirupur Exporters’ Association announced that the Government is planning to announce 25 more textile parks shortly to provide high quality infrastructure for the textiles and clothing sector.

These 25 projects are to be from the 49 proposals received now before the Ministry, seeking approvals for setting up the textile parks. The applications are being examined.

He said that a textile venture capital fund would be set up with an initial capital of Rs35 crore. The Government is providing a subsidy of Rs70 crore for setting up of a textile processing park and an allocation of Rs500 crore has been made for this initiative.

The Ministry would also be focusing on extension of support for market diversification. He also added that to provide equity for start-up enterprises, the government would extend venture capital fund in association with the Small Industries Development Bank of India.

Speaking on the National Textile Policy, he said that a meeting of textile ministers of all States would be convened by the end of September and will arrive at a final decision on the new textile policy.