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TN to soon release new integrated textile policy
Mar '18
TN to soon release new integrated textile policy
The Tamil Nadu state government will soon release new integrated textile policy. This was announced by deputy chief minister O Panneerselvam, who also holds finance portfolio, in the state budget 2018-19 presented today in the state assembly. Tiruppur Exporters’ Association (TEA) has welcomed the announcement of releasing the long-awaited textile policy.

Welcoming the announcement, TEA president Raja M Shanmugham said the early releasing of the policy with incentives at par with other states will boost investment in Tamil Nadu at a time when other states have come out with attractive textile policies and have been periodically inviting Tiruppur entrepreneurs to invest in their respective states.

Shanmugham also welcomed the increased allocation for Skill Development in the state budget from Rs 150 crore to Rs 200 crore for providing training for two lakh unemployed youth. He also hailed the allocation of fund for removing deficiencies in Industrial Training Institutes (ITIs) and also allocation of more fund to ITIs.

Welcoming the announcement of increasing the loan amount from Rs 1 crore to Rs 5 crore to first generation entrepreneurs, Shanmugham said, “The enhancement of loan amount would encourage more entrepreneurs to enter into knitwear sector.”

The budget speech included announcement of implementation of Avinashi-Athikadavu scheme at a cost of Rs 1,789 crore. “This would help address the drinking water and irrigation issue in the Tiruppur region,” Shanmugham said. (RKS)

Fibre2Fashion News Desk – India

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