Textile entrepreneurs in the country's largest man-made fibre (MMF) hub in Surat are rejoicing as the Gujarat Government announced the long-awaited Textile Policy 2024 on Tuesday. The new policy, which had been delayed for 10 months since the expiration of the previous policy on December 31, 2023, introduces significant financial incentives aimed at revitalizing the textile industry in Surat and across the state.
Key provisions
For the first time, the new policy introduces a 25% capital subsidy, a substantial shift from previous policies that did not include such a provision. Additionally, while the interest subsidy has been reduced from 5% to 2%, the Rs 1 per unit power subsidy has been extended to all textile units. The Gujarat Government has allocated Rs 1107 crore to provide financial assistance to approximately 5,592 textile units in Surat and other parts of the state.
The shift to include capital subsidies marks a significant change, providing additional benefits to textile traders who can now avail a portion of their investment costs as direct financial support. For example, if a textile entrepreneur invests Rs 100 in their business, Rs 40 will be given as a subsidy by the government, greatly reducing their capital expenditure.
Previous policies
Diese Geschichte stammt aus der October 16, 2024-Ausgabe von The Free Press Journal.
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