New textile policy to boost growth in TN

New textile policy to boost growth in TN

To meet the demands and suggestions from textile industry representatives to boost growth, Tamil Nadu Government would soon frame a new textile policy, the state handlooms and textile minister OS Manian has said. The issue will be taken up with chief minister Edappadi K Palaniswami soon, Manian said.

State’s Finance Minister D Jayakumar would raise the problems faced by the sector in the GST council meeting scheduled tomorrow as the textile industry in Tirupur and Coimbatore had been hit after implementation of new tax regime, Manian told reporters after attending a meeting in Coimbatore recently.

Tirupur textile unit owners have been demanding a GST rate reduction from 18 per cent to 5 per cent for job working units and to 12 per cent for man-made fibre textile products. The Tirupur Exporters’ Association (TEA), in a representation made to the chief minister in July, had urged the state government to announce a new textile policy that enhances growth and investment.

 The new policy should provide 8 per cent interest subsidy and 10 per cent capital subsidy to modernise or expand garment units, the TEA urged in its representation. Gujarat, Maharashtra, Karnataka, Madhya Pradesh, Andhra Pradesh and Rajasthan have already announced new textile policies.

Meanwhile, the Federation of Indian Export Organisations has requested the minister to set up a textiles export promotion board, a technical textile park and an integrated textiles park, and offer marketing support for the industry.

The Indian Texpreneurs Federation (ITF) had also urged the Tamil Nadu government to introduce a three-year textile policy to support the industry.

–  Apparel and Textile News, Apparel Talk, Indian Apparel