Mysore Textile Park Would Become a Job Hub
In the current Union Budget 2014, Finance Minister Mr. Arun Jaitley announced the 200 crore textile Park in Mysore will create a job hub i.e., it will create 10,000 jobs opportunities which will help in the economic development in the textile and garment sector, besides attracting the huge investment and infrastructure development in the Mysore Region. This textile park in Mysore to be setup soon and it is industry friendly and supports the overall industrial development of the country, Member of Parliament of Mysore-Kodagu, Mr. Pratap Simha said.
Mysore MP, Mr. Simha thanked to Finance Minister Mr. Arun Jaitley for his announcement of setting up Rs. 200 crore Textile Park in Mysore. According to him, this textile park is to be developed under Special Purpose Vehicle (SPV) scheme. This textile park should have 15 entrepreneurs as members. They will purchase land at their own cost. This park requires over 15 acres.
Subsidy for Textile Park :
In Union Budget 2014, Finance Minister, Mr. Arun Jaitley announced the textile park of Rs. 200 crore is going to set up in Mysore city. It is expecting that this park will generate 10,000 jobs which will really helpful in the Economical Development. In this Rs. 200 crore project, the Government will provide either 40% or Rs. 20 crore. This is the minimum amount of subsidy to them. Next, the Government will provide 50% of the project after commencement of production and the rest within five years with interest. Subsidy of Rs. 1 will be given by the Government for each unity of power consumed over a period of five years.
Setting up this Textile park in Mysore region will generate about 10,000 job opportunities in textile and garment sector. Being a labour-intensive industry, this will absorb work force while the ancillary units will generate employment in the region. Basically this employment will really helpful for the unemployed persons and women. They will find a medium of earning and get paid for their work. This process will help to reduce the poverty line and economic development of the country. This project will serve a common facility for all small and medium scale industries present in Mysore Region. The Mysore Industries Association (MIA) hoped that out of seven smart cities, one would be developed in the Mysore Region.