J’khand-Orient Craft sign MoU for textile parks

The Jharkhand Government has signed an MoU with Orient Craft for construction of two textile parks at a cost of Rs 1,500 crore on a 140-acre land.

The MoU was signed during the launch of a roadshow named ‘Momentum Jharkhand’ in Mumbai to promote Jharkhand’s global investors summit scheduled for February.

The MoU was signed after the State Government released a textile policy, which proposes a capital investment subsidy of 20 per cent up to Rs 50 crore, VAT subsidy of 100 per cent for seven years followed by 40 per cent for the next three years, and 100 per cent reimbursement of stamp duty. The new policy also proposes setting up of six training centres to provide locals with jobs in the textile sector, Chief Minister Raghubar Das said.

He informed that the MoU with Orient Craft would result in creation of 15,000 jobs. Stating that his Government is investor-friendly with a focus on single-window clearance, Das said, “The approvals and clearances for the establishment and operations of the industries will be through an online portal with minimum human interface. The State creates a system, which enables the investor to approach a single designated authority and seek minimum number of clearances and approvals to set up and operationalise an industry. As a result, Jharkhand is ranked among top three in ease-of-doing business in India.”