To attract more investments ahead of the Global Investors Meet, the Tamil Nadu government will come up with a new textile policy in the next few days.
The Handlooms and Textiles Department is studying the textile policies of States like Maharashtra, Gujarat and Madhya Pradesh and evaluating the financial and legal aspects.
“Members of the textile industry have requested for an updated textile policy and we are working on it. It is under examination now,” said a senior official who wished anonymity.
Recent trends
On Wednesday, the Ministers concerned and representatives from the textile sector had a meeting here in which requests were made to have a policy on a par with recent trends in the sector.
Sources who attended the meeting said the revised policy could come before the commencement of the Global Investor Meet scheduled for September 9 and 10. As part of the GIM, 12 focus sectors have been identified, one of which is the textiles and apparels sector.
Tax concessions
Minister for Handlooms and Textiles S. Gokula Indira said the government was planning to introduce suitable tax concessions and the single window system for the approval of the investment proposals.
Tamil Nadu is one of the leading States in the textile sector and it houses the country’s largest spinning industry accounting for almost 80 per cent of the total installed capacity in India.
When it comes to yarn production, the State contributes 40 per cent of the total production in the country. There are 2,614 Hand Processing Units (25 per cent of total units in the country) and 985 Power Processing Units (40 per cent of total units in the country) in Tamil Nadu.
According to official data, the textile industry in Tamil Nadu accounts for 17 per cent of the total invested capital in all the industries.
