The New Integrated Textile Policy 2019 has been hailed by every section of the textile industry as a unique one and one that would ensure the sustenance of the industry in the long term.
P Nataraj, Chairman, the Southern India Mills’ Association, thanked the government for extending 2 per cent interest subsidy for modernising spinning machines that are over 15 years old.
“Out of the 24 million spindles in the State, around 11 million are over 15 years old. This will, therefore, benefit the spinning sector by enabling them to modernise,” he said.
The association has hailed the benefits extended for the weaving and garmenting sector, including the 10 per cent capital subsidy for all new machines.
“The 10 per cent capital subsidy for wider width fabric processing, 5 per cent interest subsidy for common effluent treatment plant, 15 per cent capital subsidy for the individual ETP and ₹1 crore R&D assistance for ETP will greatly benefit the processing segments in the State,” he said.
He also appreciated the incentives for setting up mini textile parks, such as extending 50 per cent subsidy or ₹2.5 crore per park. “Such incentives will help small-scale units to consolidate their capacity and modernise.”
T Rajkumar, Vice-Chairman, Confederation of Indian Textile Industry, while thanking the government for incorporating all the suggestions put forth by the industry in the Comprehensive Textile Policy that was announced today, said, “It is good for the State. It will ensure the long-term sustenance of the industry,” he said, referring to the slew of incentives offered to the different sectors of the industry.
“The downstream sectors of the textile value chain would definitely get strengthened, with lots of new investments flowing into the weaving and processing sectors. It is expected to give a boost to Technical textiles, particularly in defence,” Rajkumar said.
The policy announcements will give a big boost to all sectors from yarn to finished fabric, said an FIEO spokesperson.