India's UP issues order on Handloom & Textile Industry Policy 2022

18 Oct '22

1 min read

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India’s Uttar Pradesh government will offer a 25 per cent rebate to entrepreneurs on the purchase of land and up to cent per cent exemption on stamp duty for setting up a textile unit in the state, according to state handloom and textile industry minister Rakesh Sachan, who recently said an order has been issued on the state’s Handloom and Textile Industry Policy 2022.

The rebate on land purchase will be 15 per cent and the exemption on stamp duty will be 75 per cent in Gautam Budh Nagar district.

Approved in the last cabinet meeting, the policy aims at attracting ₹10,000 crore in private investment by making the state a global textile hub and creating employment for five lakh, the minister told reporters in state capital Lucknow.

A discount of 25 per cent will be offered for purchasing plant machinery and an additional 10 per cent discount will be given to entrepreneurs setting up industry in Bundelkhand and Purvanchal, he was quoted as saying by media reports from the state.

Graduates will be encouraged in textile, textile designing and fashion designing.

A priority of the policy is self-employment of the children of weavers, the state minister added.

Fibre2Fashion News Desk (DS)

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