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India: Gujarat government announces scheme for the textile sector

The Gujarat government has announced a support scheme spanning the entire textile value chain. Named ‘Scheme for Assistance to Strengthen Specific Sectors in the Textile Value Chain’, it will be operative upto December 31, 2023. The scheme provides financial assistance through credit-linked interest subsidy of 6 per cent for MSME and 4-6 per cent for large enterprises with an upper ceiling of Rs 20 crore per annum. A separate scheme for subsidy in power tariff allows up to Rs3 per unit for weaving and Rs 2 per unit for other eligible segments.

The scheme for assistance in compliance of energy, water and environment conservation covers all existing units in operation for more than three years. The scheme provides 20 per cent assistance on the cost of machinery with a ceiling of Rs 30 lakh and 50 per cent assistance for audit fees with a limit of Rs 1 lakh.

For technology upgradation and modernisation in textile value chain, the scheme provides one-time financial assistance of up to 50 per cent of the cost with a limit of Rs 25 lakh.

The State government has also extended support for setting up textile parks with financial assistance of up to 25 per cent of capital expenditure on common facilities and infrastructure with a limit of Rs15 crore. The park will also get financial assistance to create hostel facilities within park with minimum 100 workers domiciled in Gujarat.