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Jharkhand signs MoU with Orient Craft for textile parks
21
Sep '16
The Jharkhand state government has signed a memorandum of understanding (MoU) with Orient Craft Limited for construction of two textile parks at a cost of Rs 1,500 crore on a 140-acre land. The MoU was signed during the launch of a road show named 'Momentum Jharkhand' in Mumbai to promote Jharkhand's global investors summit scheduled for February.

The MoU was signed after the state government released a textile policy which proposes capital investment subsidy of 20 per cent up to Rs 50 crore, VAT subsidy of 100 per cent for seven years followed by 40 per cent for the next three years, and 100 per cent reimbursement of stamp duty.

The new policy also proposes setting up of six training centres to provide locals with jobs in the textile sector, chief minister Raghubar Das said.

He informed that the MoU with Orient Craft would result in creation of 15,000 jobs.

Stating that his government is investor-friendly with a focus on single-window clearance, Das said, “The approvals and clearances for the establishment and operations of the industries will be through an online portal with minimum human interface. The state creates a system which enables the investor to approach a single designated authority and seek minimum number of clearances and approvals to set up and operationalise an industry. As a result, Jharkhand ranked in top 3 in ease of doing business in India.”

The new industrial and investment promotion policy focuses on creating a conducive ecosystem which makes industries in Jharkhand innovative and globally competitive, Das said. He explained that the government does not face any land acquisition problem because it already has a land bank of 134,000 hectares. “Land belonging to various government departments and corporations has been pooled into one corporation (Jharkhand Industrial Area Development Authority), which allots land to the investor,” he said. (RKS)

Fibre2Fashion News Desk – India

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