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Tamil Nadu to announce attractive textile policy

15
Feb '10
An attractive textile policy will be announced soon by the government of the state of Tamil Nadu to promote investment and employment in the sector, said the Chief Minister Mr. M. Karunanidhi during an award function organized by the Cotton Textiles Export Promotion Council (TEXPROCIL).

Speaking at the function, while giving export awards for 2008-09, the CM appealed the investors from other states and other countries to make investments in the textile industrial units of Tamil Nadu, and assured them about offering the required assistance.

He said that around four million workers earn their living from state's textile industry and that the approval for instituting five integrated textile parks at various locations in the state, including, Kumarapalayam, Cuddalore, Vadipatti (Madurai district), Andipatti (Theni district) and Karur had supported the textile investment in the State.

While explaining the initiatives and policy interventions made by the government, he further informed that he had announced a marine discharge project in the Assembly to prevent environmental degradation and enable textile units to meet judicial directives. The Value Added Tax (VAT) had been removed from sales of cotton in the state by Cotton Corporation of India.

Moreover, hank yarn has been exempted from sales tax facilitating around 600,000 handloom weavers. Mr. Karunanidhi praised the Textile Minister Mr. Dayanidhi Maran for releasing the pending amount of Rs.25.4 billion, on time towards arrears under the Technology Up-gradation Fund, and for taking measures to convert the Sardar Vallabhai Patel Institute of Textile Management in Coimbatore into an international textile business school.

The Textile Ministry will set up cotton depots across the nation, if like Tamil Nadu other state governments, too exempt resale of cotton from VAT, stated Mr. Maran. TEXPROCIL Chairman, Mr. V.S. Velayutham urged the CM to facilitate smoother power supply to the sector to fulfill export orders.

Fibre2fashion News Desk - India


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