New Policy to raise the TN Textile Industry

New Policy to raise the TN Textile Industry

New integrated textile policy soon to be released by the government of Tamil Nadu, 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) president Raja M Shanmugham has welcomed the announcement and 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 on increasing the loan amount from Rs 1 crore to Rs 5 crore to first generation entrepreneurs said, “The enhancement of loan amount would encourage more entrepreneurs to enter into knitwear sector.”

Welcoming the increased allocation for Skill Development in the state budget from Rs 150 crore to Rs 200 crore for providing training for two lakhs 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.

The announcement of implementation of Avinashi-Athikadavu scheme at a cost of Rs 1,789 crore would help address the drinking water and irrigation issue in the Tiruppur region, he added.

– Apparel and Textile News, Apparel Talk, Indian Apparel