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
Denne historien er fra October 16, 2024-utgaven av The Free Press Journal.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 16, 2024-utgaven av The Free Press Journal.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
MESSI NETS STARS IN ARGENTINA WIN
Scores hat-trick in South American World Cup qualifier
Vikramaditya and Arnav in joint lead
Kulkarni beat Saikat, Kherdekar outplayed Yash in seventh round
Australia start overwhelming favourites against SA in semis
Depth in batting has been Australia's biggest strength
Kohli calls AB a freak
Most talented cricketer I've played with: Virat
Mbappé's aides dismiss Swedish reports of a rape claim
These accusations are totally false and irresponsible, and their propagation is unacceptable, according to Kylian Mbappé’s representatives
Former spinner Neetu inducted into ICC Hall of Fame
Former India spinner Neetu David, who still holds the record for the best figures (8/53) by a woman in an individual Test innings, on Wednesday became only the second female cricketer from the country to be inducted into the ICC Hall of Fame.
Tendulkar makes NCL evening memorable
Legendary Sachin Tendulkar, presented the Championship trophy to the victorious Chicago Cricket Club as the National Cricket Championship ended on a memorable note.
When skipper Rohit explained Gabba to Pant
A second string India had beaten Australia by three wickets at a venue which was considered a fortress
Champions Trophy without India not an option: ECB
Contingencies available if India don't travel to Pakistan for the major event, say top ECB officials
ATTACK ON N-SITES UNLIKELY, SAYS IRAN
The probability of an attack on Iran's nuclear sites remains low but any potential damage would be \"quickly compensated\", state atomic energy agency spokesperson Behrouz Kamalvandi said on Wednesday, according to semi-official Nournews.
