Haryana approves new textile policy

Haryana approves new textile policy

With an aim to make Haryana a hub of textile manufacturing, the state government on Tuesday approved Textile Policy 2018 to incentivise setting up of new units, and ensure growth and modernisation of the existing textile industry in the State.

With an aim to make Haryana a hub of textile manufacturing, the state government on Tuesday approved Textile Policy 2018 to incentivise setting up of new units, and ensure growth and modernisation of the existing textile industry in the State.

The policy is packed with fiscal incentives and contains provisions for infrastructure augmentation, setting up of textile parks, promotion of khadi industry and facilities for skill training. It aims at generating 50,000 new jobs by attracting investment in the textile sector to the tune of Rs 5,000 crore.

The policy has been formulated with an eye on the cotton belt of Haryana. 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. This sector provides employment to about one million people and readymade garments worth $3 billion are exported from the state annually.

The policy proposes capital investment subsidy of 10 per cent, subject to maximum of Rs 20 lakh, for the eligible capital investment for individual textile units set up in textile parks in ‘A’ & ‘B’ category blocks. For bringing in women entrepreneurship in Haryana, the policy proposes 15 per cent capital subsidy subject to maximum of Rs 2 million. It aims to boost textile exports by compound annual growth rate (CAGR) of 20 per cent during the policy period.

Textile enterprises acquiring technology will be provided financial assistance of up to 50 per cent of the cost for adopting technology from premier national institutes, subject to maximum of up to Rs 25 lakh across the state, he added. Market fee and HRDF charges will be reduced and charged at the rate of 0.25 per cent each.

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