Home / Knowledge / News / Textiles / Karnataka eyes Rs 100bn investment with new textile policy
Karnataka eyes Rs 100bn investment with new textile policy
21
Sep '13
The Government of Karnataka, a state in southern India, is expecting that the state would attract over Rs. 100 billion in investments once the new textile policy is implemented, state Minister for Textiles and Ports Baburao Chinchansur told reporters in Bangalore.
 
The draft textile policy will be soon placed before the State Cabinet for approval, the Minister said, according to The New Indian Express report.
 
The policy has been drafted after due consultation with various stakeholders from the textile sector and also after studying the textile policies of other states like Gujarat, Maharashtra, Tamil Nadu and Andhra Pradesh, the Minister said.
 
He said once the new textile policy is implemented it will attract about Rs. 100 billion investment in the state’s textile sector and generate nearly 500,000 new jobs over the next five years.
 
The Minister said the state has received about Rs. 55 billion investment in the textile sector in the last five years, which resulted in the creation of about 250,000 new jobs.
 
According to the Minister, Karnataka accounts for around 12 percent of all textiles and apparel exported from India.
 
He informed that the state government has released Rs. 420 million for waiving loans availed by weavers, and another Rs. 270 million would be released for providing houses to weavers and helping them to maintain their looms.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 23rd Mar 2017

South Korean Samil Spinning acquires Buhler Quality Yarns

South Korean yarn producer Samil Spinning has acquired US based...

Apparel/Garments | On 23rd Mar 2017

E-retailers to pay up to 1% TCS under GST

E-retail marketplaces will need to deduct up to 1 per cent tax...

Textiles | On 23rd Mar 2017

Lanxess to expand chemical intermediates capacity

The Advanced Industrial Intermediates business unit of German...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search