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Haryana formulates textile policy

Haryana is looking to be a global hub of textiles and a preferred investment destination. This will include fiscal and financial incentives for new units and growth and modernisation of existing units. The state is setting up augmenting infrastructure, setting up textile parks and facilities for skill training.

The aim is to generate 50,000 new jobs by and attracting investment in textile sector to the tune of Rs 5,000 crores. Haryana is a leading cotton producer in the country and provides employment to about a million people and readymade garments worth $2billion are exported from the state annually.

Textile enterprises acquiring technology will be provided financial assistance of up to 50 per cent of the cost for adopting technology from recognised national institutes, subject to the maximum of up to Rs 25 lakh. The policy proposes a capital subsidy of 10 per cent for eligible new projects of all textile enterprises across the state. It aims at positioning Haryana as a preferred destination for global textile majors, besides boosting textile exports by a compound annual growth rate of 20 per cent. Panchayat land will also be made available on lease for industrial development. The policy also provides for electricity duty exemption.