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Textile Park in Punjab to create one lakh new jobs
30
Aug '12
Expressing contentment over progress of the textile park being established in the state’s Muktsar district, Punjab's Deputy Chief Minister Sukhbir Singh Badal has said the textile park is expected to generate about 100,000 job opportunities, as textile industry is highly labour intensive.
 
The Deputy Chief Minister said the Rs. 14.85 billion textile park, being set up on an area of 350 acres in Malwa area of the state, is in lines with the new textile park policy announced by the state government. 
 
Several leading companies would purchase denim from the denim production units in the park, once the units go operational, he said.
 
The state government is quite optimistic that the textile policy would aid in optimum utilization and enhancing the value propositions of domestically produced cotton, resulting in increased revenue generation for the state, he added. 
 
The textile policy of Punjab government envisages setting up of a textile park with composite textile processing units from cotton to garment, and a minimum fixed capital investment of Rs. 2.5 billion, in the districts of Bhatinda, Ferozepur, Sangrur, Mansa, Mukatsar, Faridkot, Taran Taran, Barnala and Amritsar.
 
Other incentives under the policy include provision for a 50 percent exemption from rural development fund (RDF), market fee and infrastructure development cess for a period of 10 years or up to 50 percent of fixed capital investment, whichever is earlier, on cotton procurement.
 

Fibre2fashion News Desk - India

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