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TEXTILE POLICY 2024....Roadmap For New Growth Story

MULTIPLE INCENTIVES AND BENEFITS ANNOUNCED TO BOOST TEXTILE SECTORS FOR ACHIEVING NEW HORIZONS IN THE TEXTILE SECTOR

KEY HEIGHLIGHTS OF THE POLICY:
  • Capital subsidies: New industrial units can receive capital subsidies ranging from 10% to 35% of their eligible fixed capital investment (eFCI), up to a maximum of ₹100 crore. The subsidy amount is based on factors like location, activity, and employment levels. 
  • Payroll assistance: Female workers receive ₹3,000 to ₹5,000 per month, while male workers receive ₹2,000 to ₹3,000 per month. 
  • Training support: Workers receive ₹5,000 per month for three months. 
  • Credit-linked interest subsidy: Businesses can receive an interest subsidy of 5% to 7% of their eFCI for up to eight years. 
  • Power tariff subsidy: Units that use power from distribution companies or renewable power for five years receive a subsidy of ₹1 per kWh. 
  • Quality certification: Textile units receive assistance for quality certification. 
  • Energy and water conservation: Textile units receive assistance for reducing energy and water consumption. 
  • Technology acquisition: Textile units receive assistance for acquiring new technologies. 
  • Employment generation: The policy focuses on generating employment by providing enhanced subsidies to labor-intensive units. 
  • Sustainability and innovation: The policy encourages investments in sustainable practices, such as water and energy conservation, quality certification, and advanced technologies. 
The policy also focuses on expanding production of synthetic fabrics, woven fabrics, and technical textiles.

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