Textile Sphere News Roundup - October 16, 2024
Government Launches Textile Policy 2024 to Boost Growth; Announces Incentives
India has introduced its
Textile Policy for 2024, aiming to enhance the textile sector with various
financial incentives. The policy focuses on two main areas: technical textiles,
including clothing and apparel, and manufacturing processes like weaving and
dyeing.
The financial support
includes capital subsidies ranging from 10% to 35% of eligible fixed capital
investments, with a cap of Rs 100 crores based on specific taluka and activity.
Additionally, there are credit-linked interest subsidies of 5% to 7% for 5 to 8
years, with an annual cap of 2% to 3%. Wage assistance for employees ranges
from Rs 3,000 to Rs 5,000 per month for women and Rs 2,000 to Rs 4,000 for men,
depending on their roles. The policy also supports self-help group (SHG)
members with Rs 5,000 per month for training and payroll support up to 25% of
job work turnover for 5 years.
Emphasis is placed on
labour-intensive units employing at least 4,000 individuals, including 1,000
women, under the Employee Provident Fund (EPF) scheme. These units are eligible
for capital subsidies of 25% to 35%, capped at Rs 150 crores, and other
financial aids to promote employment, especially among women, and enhance
competitiveness in the textile industry. (Read More)
Uttar Pradesh Textile Park
Nets Investment Proposals Worth Rs 10,000 Crore
The proposed mega textile
park in Uttar Pradesh has attracted investment proposals amounting to Rs 10,000
crore from key domestic textile and garment companies, including Reliance
Industries, Arvind Mills, Vardhman, and Ahuja Textile Mills. The park, spanning
1,162 acres in the Lucknow-Hardoi districts, is expected to house around 400
big and small textile manufacturing and processing plants.
Chief Minister Yogi
Adityanath recently announced that the textile hub aims to secure a total investment
of Rs 15,000 crore, generating approximately 300,000 direct and indirect jobs.
The initiative reflects significant interest from leading textile companies in
setting up units in the park.
New App Launched to Aid
Cotton Farmers in Khammam
To support cotton farmers, a
new mobile app named "Whatsup" has been introduced to streamline the
sale of cotton yields at Cotton Corporation of India (CCI) centres. Developed
by One Software System Private Limited, the app provides real-time updates on loading,
unloading, and cotton rates in multiple languages—Telugu, Hindi, and English.
The app aims to reduce the
challenges faced by farmers in the erstwhile Khammam district, where cotton is
cultivated on approximately four lakh acres of land. It links all marketing
departments across the state, enabling farmers to access crucial information
and manage their transactions more efficiently. The initiative is set to
benefit over 219,000 cotton farmers in the region.
Hugo Boss Partners with GVK
Society for Indian Cotton Fibre Project
The Hugo Boss Foundation has
announced a partnership with the Grameena Vikas Kendram Society of Rural
Development (GVK Society) in Andhra Pradesh to develop regenerative food and
cotton landscapes on 5,250 hectares. The initiative, funded by a US $546,000
donation over three years, aims to create circular, socially inclusive
agricultural value chains.
This collaboration will
focus on creating sustainable farming practices that benefit smallholder
farmers and indigenous communities. Hugo Boss's involvement aligns with its
goal to source all natural materials from closed-loop recycling or regenerative
agriculture by 2030. The partnership is expected to expand into crops like
coffee, pepper, millet, turmeric, and ginger, fostering a regenerative model of
agriculture that promotes healthier soils and environmental balance.
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