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FICCI welcomes UP’s draft textiles policy

The Federation of Indian Chambers of Commerce and Industry (FICCI) has stated the draft textile policy of UP includes a lot of the chamber’s suggestions, such as open access for existing as well as new units, capital subsidy for new and existing units over and above the technology upgradation fund scheme (TUFS).

According to L K Jhunjhunwala, Chairman of FICCI UP State Council all this would help in attracting investments in value added segments and generate employment. Jhunjhunwala and S K Khandelia, co-chairman, FICCI textiles committee recently attended a meeting with the state chief minister Yogi Adityanath to discuss the draft textile policy.

Some of the other suggestions by FICCI which the state government may like to consider include higher subsidy on electricity tariff, Rs 20 crore subsidy for each cluster or park in addition to the central government’s subsidy of Rs 40 crore, making raw materials like cotton available to the sector at competitive rates by setting off the high freight cost, a detailed plan for revival of sick textile units and a dedicated scheme for supporting skill development in garment making, processing and technical textiles.

 
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