Mega textile park policy attracts industries, entrepreneurs in Uttarakhand

RUDRAPUR: The new mega textile park policy of the state government is flourishing, and attracting industries and entrepreneurs in Uttarakhand. Six companies including one from China are planning to invest in the industrial estates of Sitarganj and Jaspur, which will also generate employment for around 10,000 people.
Under this policy, each company will invest at least Rs. 75 crore in textile park.According to officials, the four companies coming to Sitarganj will invest more than Rs. 500 crore.
The Chinese Yarn Pvt Ltd from China, which has already signed an MoU with State Industrial Development Corporation of Uttarakhand Ltd. (SIDCUL), is investing Rs 600 crore in its plant.
SIDCUL’s regional manager Gaurav Chatwal told TOI that these companies will start manufacturing in next one year and will develop the infrastructure in the meantime.
Kashpiur based indigenous company, Sivanta Spuntex Pvt. Ltd , has signed a contract with SIDCUL to invest in Jaspur.
Deputy general manager (DGM) commercial of SIDCUL, Naresh Kumar Koranga said the companies setting up at Sitarganj and Jaspur will produce large-scale employment opportunities for youngsters and trained personnel.
According to the policy, the companies will have to invest more than Rs 75 crore in the mega textile park and will be exempted from most of the provincial taxes.
Chatwal said the companies will be fully exempted from Value Added Tax (VAT) on sales of goods and will also be provided a subsidy of Rs. 30 to 50 lakh as per the size of the land allotted to them.