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'Punjab textile sector has ample potential to grow'
13
Dec '13
The textile sector of the Indian state of Punjab has great opportunities to grow, as textiles is the star product of the state, with nearly 14 percent of total cotton yarn in India being produced in Punjab, said state Department of Industries and Commerce managing director Vikas Pratap Singh, at the recently held Progressive Punjab Investors Summit 2013, in the city of Mohali.
 
Mr. Singh was speaking during the Session 7 of the two-day summit, titled ‘Textiles sector in Punjab: From Fibre 2 Fashion’, according to a press release.
 
According to Mr. Singh, with a strong cotton base, ample power supply and skilled labor, Punjab textile sector has great opportunities for development.
 
Mr. Singh revealed the incentive packages offered by the government of Punjab for the setting up of integrated textile units (ITUs) in textile zones of the region, including the provision of 80 percent retention of the quantum of value-added tax (VAT) and central sales tax (CST) payable per annum to ITUs with fixed capital investment of Rs. 1.8 to 5 billion, as well as 100 percent exemption from electricity duty on power and property tax, and 50 percent exemption from payment of market fee.
 
At the session, various top industrialists from the countries as well as government representatives discussed about the opportunities of investments in the textile sector of Punjab, especially in processing of value-added products, fabrics, design and technical textiles. 
 
Mr. Kamal Oswal, CEO of Nahar International Group, said textiles is a major business and a large employer in India, which is 2nd only to China in this industry and Ludhiana is a big market for small scale industries in the sector. 
 
Punjab has seen an increase in employment for the Textile industry from 50,000 to 160,000 and has witnessed a growth from Rs 500 million to 30 billion in the hosiery market alone from 1980 to the present, said Mr. D L Sharma, managing director of Vardhaman group.
 
The two-day summit, organized by the Department of Industries and Commerce, Government of Punjab, saw signing of 121 Memorandums of Commitments (MoCs) amounting to Rs. 650 billion, of which textile manufacturing firm Nahar Group signed an MoC amounting to Rs 17 billion for an industrial park and spinning mills.
 

Fibre2fashion News Desk - India


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