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Haryana prepares new textile policy to attract investment

Haryana is coming up with a new textile policy aimed at making it a global hub for textile manufacturing and a preferred investment destination. The policy is packed with fiscal incentives and contains provisions for infrastructure augmentation, setting up of textile parks and facilities for skill training. It aims at generating 50,000 new jobs by attracting investment in the textile sector to the tune of Rs 5,000 crores. It aims to boost textile exports by a compound annual growth rate of 20 per cent during 2017.

The policy proposes a capital subsidy of 10 per cent for eligible new projects of all textile enterprises across the state. It has been formulated with an eye on the cotton belt of Haryana. The state is one of the leading cotton producers in the country. This sector provides employment to about one million people and readymade garments worth two billion dollars are exported from the state annually.

The textile policy will incentivize setting up of new units and ensure growth and modernization of existing textile industry in the state. Help will be offered for setting up textile parks exclusively for garmenting units with provision of labor, housing and built-up sheds (to be provided on a lease basis) to facilitate the expansion of the garmenting industry in the state.