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Hry govt gives nod to new policy, new units to get incentives

YarnsandFibers News Bureau 2018-02-28 10:00:00 – Chandigarh

The Haryana Government has approved the Textile Policy 2018 to incentivize setting up of new units and ensure growth and modernisation of the existing textile industry in the state, to make Haryana a global hub of textile manufacturing and a preferred investment desitination.. The state Cabinet also approved the Haryana Bio-Energy Policy 2018 to attract private investment.

Industries and Commerce Minister Vipul after the state cabinet meeting said that the policy is packed with fiscal incentives and contains provisions for infrastructure augmentation, setting up of textile parks, promotion of the Khadi industry and facilities for skill training. It aims at generating 50,000 new jobs by attracting investment to the tune of Rs 5,000 crore in the textile sector.

He said that the policy has been formulated with an eye on the cotton belt of Haryana. It proposes a capital investment subsidy of 10 per cent subject to a maximum of Rs 20 lakh for the eligible capital investment for individual textile units set up in the textile parks in the ‘A’ & ‘B’ category blocks.

For bringing in women entrepreneurship in Haryana, the policy proposes a 15 percent capital subsidy subject to a maximum of Rs 25 lakh. It aims at boosting textile exports by the Compound Annual Growth Rate (CAGR) of 20 per cent during the policy period.

Goel said that to support development of backward regions, the policy proposes support to individual textile units set up within and even outside textile parks in C & D category blocks.

The policy also proposes 25 percent capital investment subsidy at the rate of 25 percent maximum up to Rs 50 crore on the eligible capital investment specially to promote anchor units.

The policy also envisages collaboration with premier engineering and research institutes such as IIT Delhi to promote entrepreneurship and new product development in textiles including technical textiles.

Under the policy, the state government will facilitate setting up of apparel parks exclusively for apparel manufacturing units in Mewat district. An Integrated Textile Park in Hisar District and a Textile Park exclusively for Dyers and Processors in Faridabad District shall also be assisted by the State government.

The state is one of the leading cotton producers in the country with Sirsa, Fatehabad, Bhiwani, Hisar and Jind being the main cotton producing districts.

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