Industrialists to get several concessions under the new mega textile park policy 2014

The new mega Textile Park Policy 2014 has been framed keeping in mind the changes going both at the national and international level in the textile industry. The industrialists in the government selected textile parks, which are already into the business of textiles and apparel in the state are offered several concessions under this policy.

According to the policy, new investments totalling Rs 75 crore and above will fall under the mega textile park category. The allocation of land for new textile industries or those seeking expansion would be carried under the single window system at the norms and rates set by The State Industrial Development Corporation of Uttarakhand Limited (SIDCUL).

SIDCUL is a government of Uttarakhand enterprise[1] which promotes industries and develops industrial infrastructure in the State.

Around 50 percent rebate in land allotment would be given for such parks by SIDCUL. However, the textile parks have to come into production within three years, otherwise the concessions would be withdrawn. The scheme period is till 2021.

The other concessions included in the textile policy is 15 percent (maximum Rs 50 lakh) state capital subsidy by the Central Government (for Uttarakhand) till 2017 for MSMEs and 15 percent (maximum Rs 30 lakh) for large scale industries, interest subsidy at the rate of seven percent for seven years, 100 per cent concession in VAT on raw material etc, 75 percent rebate on mandi tax and 100 percent CST rebate on production of goods.

The new Mega Textile Park Policy 2014 not only aims to give a boost to the textile industry in the state but also envisages a road map for the spread of textile parks in the state. The policy has come into effect from December 11, 2014.