A Significant Uplift for Surat's Man-Made Fibre Sector Thanks to New Textile Policy
Fibre Industry Set for Major Boost with New Textile Policy
Surat: The man-made fibre (MMF) industry in South Gujarat is set to gain significant momentum following the announcement of the new textile policy on Tuesday.
Fulfilling a long-standing demand, the government has delivered a Diwali gift to the industry. Under the new policy, textile units in Category 3, particularly those involved in garmenting and technical textiles, will be eligible for capital subsidies of up to ₹50 crore.
Weaving, knitting, and processing units in these areas will be entitled to subsidies of up to ₹40 crore.
"Similarly, units in Category 1 engaged in weaving, knitting, processing, and spinning will be eligible for capital subsidies of up to ₹50 crore, while garmenting and technical textile units could receive as much as ₹100 crore," said Vijay Mevawala, president of the Southern Gujarat Chamber of Commerce and Industry (SGCCI).
Mevawala further highlighted that the PM Mitra Park has been classified as a Category 1 zone, offering substantial benefits to textile units operating there. For the first time, spinning units producing yarn from fibre have been included in the new Textile Policy 2024.
The industry has welcomed the capital subsidy announcement with enthusiasm. "This is the first time a capital subsidy has been introduced, and the electricity subsidy will benefit the entire sector, encouraging new investment and creating jobs," said Ashok Jirawala, president of the Federation of Gujarat Weaver Welfare Association (FOGWWA).
Ashish Gujarati, president of the Pandesara Weavers Co-operative Society, highlighted the importance of the interest subsidy: "In addition to the capital subsidy, the interest subsidy will offer tremendous advantages, sustaining the industry's growth in the region."
Mayur Golwala, secretary of the Sachin Industrial Society, called the new policy a "game-changer," stating, "Several measures are being implemented for the first time in the state's history. This will help prevent the migration of textile units to neighboring states, though effective implementation of the policy will be crucial."
Read More :> India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment Expected
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