UP to set up yarn depot

Indian Textiles Minister Smriti Irani recently announced a proposal to jointly set up a yarn depot with the Uttar Pradesh government to give a further boost to the textile sector in the State, which garnered proposals worth Rs 7,000 crore in the run-up to the two day investors’ summit that concluded in state capital Lucknow on February 22.

As subsidies hardly reached weavers, they can directly purchase yarn at subsidised rates at the depot, a top Indian newspaper quoted the minister as telling the summit. She also urged UP industry minister Satish Mahana and textile minister Satyadeo Pachauri to start discussions with industrialists to restart closed knitwear mills. Many UP industrialists want to return to the state after the new textiles policy was announced. Problems faced by mills in Kanpur, primarily due to trade unions, are over now, Pachauri said.