Launching new Textile Policy 2024, Gujarat Chief Minister Bhupendra Patel on Tuesday said it will help attract ₹30,000 crore in investments, and will help establish the State as a hub of “technical textiles.”
“An analysis of the entire textile value chain was carried out, and we reached a conclusion that garment, apparels and technical textiles segments needed special focus... The new policy will focus on making Gujarat a hub for technical textiles,” said Patel while formally launching the policy at Gandhinagar.
“The new textile policy will attract an estimated ₹30,000 crore investment to the State,” he added.
The Chief Minister pointed out that the 2012 textile policy unveiled by then Gujarat Chief Minister Narendra Modi had helped establish 35 lakh spindles, attracting an investment of ₹35,000 crore. “It also created 2.5 lakh job opportunities. After the 2012 policy, a similar policy for garments and apparels was declared in 2017, and in 2019 a new textile policy was declared,” Patel said.
Capital subsidy
Under the new textile policy announced on Tuesday, textile production units in Gujarat will get capital subsidy of 10-35 per cent and an interest subsidy ranging from 5-7 per cent per annum for 5-8 operational years. These units will also be eligible for a power tariff subsidy of ₹1 per unit for 5 years alongside a payroll assistance of ₹2,000-5,000 per worker monthly for 5 years.
Labour intensive textile units will get increased capital subsidy of 25-35 per cent. Such units will also get a maximum interest subsidy of 7 per cent per annum for 8 years, extended payroll assistance for 10 years.