Keen on making Haryana a global hub of textile manufacturing and a preferred investment destination, the State Government came out with Textile Policy 2017 to incentivise setting up of new units, and ensure growth and modernisation of the existing textile industry.
A Government spokesperson said taking a holistic approach to the issue, the policy was packed with fiscal and financial incentives and contains provisions for infrastructure augmentation, setting up of textile parks, and facilities for skill training. It aimed at generating 50,000 new jobs by attracting investment in the textile sector to the tune of Rs 5,000 crore, he said.
The spokesperson said the draft Textile Policy 2017 had been put in public domain in February to invite suggestions from various stakeholders. The suggestions received had been duly factored in before giving the policy final shape, he said.
The policy proposes capital subsidy of 10 per cent for projects of eligible enterprises across Haryana. It aims at positioning Haryana as a preferred destination for global textile majors, besides boosting textile exports by Compound Annual Growth Rate of 20 per cent during the policy period.
Under the policy, the Haryana State Industrial and Infrastructure Development Corporation would offer industrial plots on lease for 33 years with 5 per cent increase in annual lease rent. Besides, panchayat land will also be made available on lease for industrial development. Textile enterprises acquiring technology will be provided financial assistance of up to 50 per cent of the cost for adopting technology from recognised national institutes, subject to maximum of up to Rs 25 lakh.