UP government proposes ₹400 cr for Lucknow PM MITRA park in budget

06 Feb '24

2 min read

Finance minister of UP Suresh Khanna with chief minister Yogi Adityanath before presentation of state budget 2024-25 in state assembly in Lucknow on Feb 05. Pic: @OmkumarMla/X (formerly Twitter)

Insights

Uttar Pradesh government has allocated ₹400 crore for the PM MITRA park and Atal Bihari Vajpayee Power Loom Vidyut Flat Rate Yojana in its 2024-25 budget.
The state aims to boost its textile industry with these initiatives and expects significant investments and job opportunities.
Additionally, funds have been allocated for NIFT and other employment schemes.

The Uttar Pradesh government has earmarked ₹400 crore for the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) park in its budget for fiscal 2024-25. The annual budget was presented by the state finance minister, Suresh Khanna, on Monday in Lucknow. The Yogi Adityanath government in UP has made several announcements for the state's textile industry in the annual budget.

UP was one of the selected states granted PM MITRA parks. The central government had approved seven PM MITRA parks across India. UP's park will be located in the Lucknow-Hardoi region and will cover approximately 1,000 acres of land. Suresh Khanna stated in his budget speech that the park is expected to attract an investment of ₹10,000-15,000 crore and will create one lakh direct and two lakh indirect employment opportunities.

The UP government has also announced ₹400 crore for the Atal Bihari Vajpayee Power Loom Vidyut Flat Rate Yojana. The scheme aims to provide electricity subsidies to the lakhs of power looms operating in the state. Many workers depend on textile-related production activities for their livelihood, and this scheme will boost textile production in the power loom sector. The Yogi government has also approved ₹150 crore for the National Institute of Fashion Technology (NIFT) in Prime Minister Narendra Modi's constituency, Varanasi.

UP's budget will also allocate ₹14 crore for the Pandit Deendayal Gramodyog Rojgar Yojana, which will provide beneficiaries with interest subvention facilities for three years. The government has proposed ₹15.75 crore for the Khadi and Gramodyog Vikas Satat Rojgaar Protsahan Neeti, which aims to create a conducive environment for youth to establish village industries.

The labour-intensive textile sector is receiving prime focus from several state governments. Indian states are competing to attract investments by implementing attractive textile policies and allocating more resources to remain competitive. UP is one of India's major textile-focused states, and in the current highly competitive environment, it faces challenges in maintaining its position as a major player in the country.

Fibre2Fashion News Desk (KUL)

More Textiles News - India...