Gandhinagar, Gujarat: March 12, 2024 - Gujarat's textile industry stakeholders met with Chief Minister Bhupendrabhai Patel on Tuesday to discuss the state's upcoming new textile policy. The old policy expired at the end of 2023, and industry leaders are eager to see its replacement implemented as soon as possible.
The South Gujarat Chamber of Commerce and Industry, along with other representatives, presented their recommendations to the Chief Minister. Chamber President Ramesh Vaghasia called for continued support for the industry and a new policy that keeps Gujarat competitive with other textile hubs.
Key proposals from the industry include:
- Maintaining existing benefits from the previous policy.
- Expanding support for textile manufacturers.
- Offering a 30% capital subsidy, a 7% interest subsidy on loans, and a power subsidy of Rs 3 per unit for both low-tension and high-tension electricity connections.
- Developing a strong incentive scheme to bolster the man-made fiber sector.
- Finalizing the new policy before the upcoming Lok Sabha election code of conduct takes effect.
Gujarat government officials, including Additional Chief Secretaries S.J. Haider (Industries and Mining) and J.P. Gupta (Finance), assured industry representatives that their recommendations would be carefully considered. The new textile policy is expected to be announced shortly, shaping the future of Gujarat's vital textile industry.
