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India's Gujarat govt notifies Textile Policy 2012
14
Oct '13
More than a year after the announcement of the Textile Industry Promotion Policy 2012, the government of the western Indian state of Gujarat has notified the same, enabling textile units to receive government assistance under the policy.
 
The objective of the policy is to have an integrated approach to strengthen the value chain - “Farm to Fibre to Fabric to Fashion to Foreign” (5 Fs), which will enhance sustainable growth of farmers and industry.
 
Over the next five years, the new policy aims to attract Rs. 200 billion investment in the state’s textile sector, resulting in creation of employment opportunities for 2.5 million people, with half of them being rural women.
 
The new policy provides interest subsidy of 5 percent without an upper cap on the amount, for the period of five years on new plant and machinery for ginning and processing sectors.
 
It also provides 7 percent interest subsidy on new plant and machinery for cotton spinning and for second-hand imported cotton spinning machinery with certain conditions for five years.
 
Moreover, a Rs. 1 per unit power tariff concession would be provided on new investment for cotton spinning for five years, and value-added tax (VAT) paid by the unit on the purchase of raw material would be refunded.
 
The new textile policy, which aims to promote ginning, processing, yarn production, spinning, fabric manufacturing and readymade garment making, will help the farmers get better value for their cotton, the state’s Finance Minister Nitin Patel said.
 
During the last decade, cotton production in Gujarat has increased from 2.3 million bales of 170 kg each to 12.3 million bales, as farmers switched to production of Bt cotton.
 

Fibre2fashion News Desk - India


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