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Tamil Nadu to announce new investor-friendly textile policy

With the Global Investors Meet (GIM) around the corner in September, the Tamil Nadu government has decided to unveil its new investor-friendly textile policy in the next few days. Before the final draft is made, the Handlooms and Textiles Department is also studying the textile policies of states like Maharashtra, Gujarat and Madhya Pradesh to evaluate the financial and legal aspects.

 

The ministers concerned along with representatives of the textile sector met recently and sought the drafting of a new textile policy in accordance with recent trends in the sector. Sources say the revised policy may be announced before the commencement of the Global Investor Meet scheduled on September 9. As part of the GIM, 12 focus sectors have been identified, one of which is the textiles and apparels sector.

 

Minister for Handlooms and Textiles S Gokula Indira also said that the government plans to introduce suitable tax concessions and the single window system for the approval of the investment proposals. Tamil Nadu being one of the leading states in the textile industry has the country’s largest spinning industry accounting for almost 80 per cent of the total installed capacity in India. The state also contributes 40 per cent of the total yarn production in the country. There are 2,614 hand processing units and 985 power processing units in Tamil Nadu and the textile industry accounts for 17 per cent of the total invested capital in all the industries.

www.tn.gov.in

 

 

 

 

 
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