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Karnataka invites investments in textiles
28
Jan '16
The Karnataka state government would be holding “Invest Karnataka -2016” from February 3 for three days for attracting investments from domestic and global firms in various sectors, including textiles.

With the mission to establish the textile and garment industry of Karnataka, as a producer of internationally competitive value added products, Karnataka will be showcasing 145 projects to investors during the event.

The focus areas for interventions are technological upgradation of textile value chain activities, technical textiles, geographical dispersion of textile and garment units, infrastructure development, branding, design development and product diversification.

Bagalkot, Belgaum, Bellary, Bidar, Bijapur, Chamarajanagar, Chikkaballapur, Chitradurga, Dharwad, Davanagere, Gadag, Gulbarga, Haveri, Kolar, Koppal, Kodagu, Raichur, Shimoga, Uttara Kannada, Yadgir are classified in zone-1 districts getting the maximum benefits with potential textile units.

Marginally lesser benefits will be given for zone-2 districts which includes Bangalore Rural, Anekal, Chickmagalur, Dakhsina Kannada, Hassan, Mandya, Mysore, Ramanagara, Tumkur and Udupi. Bangalore Urban comes in zone-3 with no incentives.

The projects are classified as mega, ultra-mega and super mega projects with the investments of Rs 100 crore to Rs 500 crore, Rs 500 crore to Rs 1,000 crore and above Rs 1,000 crore respectively.

The state government will provide a capital subsidy of 10 per cent of the project cost or Rs 10 crores. It will also provide exemption up to 10 per cent on the total amount of taxes levied by state and local taxes and levies, 100 per cent exemption of stamp duty and entry tax on plant and machinery. Also power subsidy of Re 1.00 per unit will be provided.

At present, around 70 medium and large textile companies as well as over 50,000 small units operate in Karnataka. (NA)

Fibre2fashion News Desk - India


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