Thursday, 17 September 2015

Tamil Nadu announces Schemes to boost textile Industry

Indian Textile Industry

It was only this month that the Tamil Nadu State Government announced various schemes to boost the state’s textile industry. In fact, the Chief Minister of the State, Ms Jayalalitha also waved a green flag for the setting up of a panel which is assumed to aid integrated development of this sector.

 The announcement was made with references to the Scheme for Integrated Textile Parks also known as the SITP that was initiated by the Central Government. Under this scheme, the state of Tamil Nadu has been allocate a total of 14 parks. The scope of this scheme extends to providing high-end infrastructural facilities to the textile sector in order to help the individual textile units meet the international standards. Under this scheme, a panel of professional agencies undertake the crucial task of identification of viable projects along with their execution. In a welcome move, the Chief Minister has promised a   financial support of up to Rs. 2.5 Crores to all entrepreneurs who wished to establish textile units in the allotted parks.

In addition to the above, the state also promised a financial assistance of up to 25% of the project estimates, under the Scheme for Integrated Textile Processing Development, which was earlier implemented at the center. In order to achieve maximum efficiency on this front, the state also announced a dedicated ‘State Textiles Consultative Committee’, which is to be headed by the state textile minister. 

Furthermore, a special discount of 15% has been proposed for silk clothing in order to enhances sales and manage inventory more efficiently. This will directly benefit the cooperative weavers’ societies across the state. An amount of Rs. 10 Crores has been set aside in this regard.
 In an attempt to aid the cultivation of high yielding mulberry varieties across the substantial area of over 5,000 acres the state announced a subsidy to the tune of Rs. 5.25 Crores, which will only be a part of the bigger scheme of providing subsidy support of Rs. 22.55 Crores.

Not stopping at this, the Chief Minister also promised continued financial support through certain schemes that have now been eliminated from the Central Government’s Plan - onward of 2015-2016.
All of the above mentioned schemed have been whole-heartedly welcomed by the industrialists and young entrepreneurs of the state. Especially because it came at a time where the global market scenario doesn’t seem promising enough, with the unforeseen devaluation of the Yuan came as a major jolt to the textile sector of the entire nation. The fact that Tirupur, known as the knit city of India also comes under the jurisdiction of the state of Tamil Nadu only accentuates the significance of these recently announced schemes. 

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