Gujarat (India) extends textile policy for a year

Gujarat: The State Government of Gujarat has decided to give an extension of one year to the existing textile policy. The current textile policy launched by then Chief Minister Narendra Modi was to expire on September 4. Gujarat: The State Government of Gujarat has decided to give an extension of one year to the existing textile policy. The current textile policy launched by then Chief Minister Narendra Modi was to expire on September 4. According to Industries and Mining Department, the textile policy came into effect in 2012 and will remain under implementation until September 3, 2018. The Government took the decision after several textile players requested for the extension.

The current policy is based on the concept of ‘From Farm to Foreign Export’. According to the Government, the textile policy has been fruitful for the textile hub in terms of investments and employment generation for the people. It has also positively impacted the rural areas of the state.

Additionally, the policy has a provision for a large number of incentives for cotton growers and textile mills, including exemption from VAT (Value Added Tax) to the extent of 80-100 per cent for a period of 10 years. Financial support for technology up-gradation is also provided under the policy.

The plan primarily aims at safeguarding the interests of the cotton farmers, better price realization in national and international markets and value addition in the entire chain. It also provides concession on power tariffs to new cotton spinning and weaving facilities.