Keen on making Haryana a global hub of textile manufacturing and a preferred investment destination, the State Government has drafted a new textile policy to incentivise setting up of new units and ensuring growth and modernisation of the existing textile industry. The policy is full of fiscal incentives and contains provisions for infrastructure augmentation, setting up of textile parks and facilities for skill training.
The policy aims at generating 50,000 new jobs by attracting investment in the textile sector to the tune of Rs 5,000 crore. The draft policy has been put in the public domain and the Government has sought suggestions from the stakeholders up to February 28, which will then be factored in.
The policy has been formulated with an eye on the cotton belt of Haryana. The state is one of the leading cotton producers in the country, with Sirsa, Fatehabad, Bhiwani, Hisar and Jind being the main cotton producing districts. The policy proposes capital subsidy of 10 per cent for the eligible new projects of all textile enterprises across the state.
The draft policy aims at positioning Haryana as a preferred destination for global textile majors. It aims to boost textile exports by compounded annual growth rate (CAGR) of 20 per cent during 2017. Under the policy, HSIIDC will offer industrial plots for a lease of 33 years with 5 per cent increase in annual lease rent. Besides, panchayat land will also be made available on lease for industrial development.