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UP’s textile sector attracts Rs 7,436 cr investments at UP Investors Summit

State Textile Minister Satyadev Pachauri disclosed the recently-concluded two-day UP Investors Summit in Lucknow, UP, saw the signing of around 29 MoUs valued at Rs 7,436 crores in the textile sector. The Uttar Pradesh government had announced all necessary help to investors and is creating a four-member committee to ensure they can resolve issues in a timely manner. The Textile Commissioner himself will head the committee.

Once operational, over five lakh people are expected to gain employment in UP’s textile and garment manufacturing industry. The 2018 edition of the UP Investor Summit was organised on February 21 and 22 with a key focus on attracting investments in high potential trade segments in UP including textiles and garments. The event saw heads of states and Governments, leaders from the corporate world, heads of international institutions and academia from around the world gather together to further the aim of economic development in the state.

It may be noted that the state became a ‘collateral damage’ post GST implementation that led to shutting down of numerous carpet manufacturing units. The carpet industry in India is currently pegged at around Rs 3,000 to 4,000 crores of which over two-thirds come from the Bhadohi-Mirzapur-Varanasi-Gopiganj-Khamaria region. In December last year, the state government approved the ‘UP Handloom Garment Policy 2017’. The approval of the policy has brought relief to the industry. The huge investment that the state has attracted will only be beneficial if can implement a strategic execution plan.