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Tamil Nadu launches initiatives for textile sector under new integrated policy

The Tamil Nadu government has announced a host of incentives for the textile sector. The just released Integrated Textile Policy 2019 includes a 2 per cent interest subvention for investments on technological upgrade and modernisation in existing spinning mills, increase in interest subsidy for handloom weavers, cooperative societies to 6 per cent, scheme for free supply of power to powerloom weavers at 750 units bimonthly, and 10 per cent credit-linked capital investment subsidy for processing the sector under the Amended Technology Upgradation Fund Scheme (ATUFS), among others.

The state government will also extend 2 per cent interest subsidy for modernising spinning machines, a 10 per cent capital subsidy for the weaving and garment sectors,a subsidy of up to 25 per cent of project cost with a ceiling of Rs 10 crore for a trade facilitation centre, a 10 per cent capital subsidy for wider width fabric processing, a 5 per cent interest subsidy for common effluent treatment plant, a 15 per cent capital subsidy for the individual effluent treatment plant, and a Rs 1-crore R&D assistance for effluent treatment plant.

This apart, the state government also announced incentives for technical textiles, including a 9 per cent capital subsidy, a 6 per cent interest subsidy, 100 per cent stamp duty exemption and also Rs 1-crore assistance for overseas study. The sops also include setting up of mini textile parks with 50 per cent subsidy.