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West Bengal Aims to Attract $5.8B Investment in Textile Sector

West Bengal’s textile sector is set to get a shot in the arm as the Indian state’s government pushes for 37,000 crore rupees, or $5.8 billion, from private investors over the next three years as part of an integrated textile development project.

According to local media reports, MSME (Micro, Small and Medium Enterprises) secretary Rajiva Sinha said the public-private partnership (PPP) project will also create employment opportunities for up to one million people.

The initiative involves land in the likes of Barasat, Bankura, Metiabruz, Uluberia and Bidhannagar, to name a few, being developed into 10 textile parks producing hosiery, readymade garments and knitwear. Sinha pegged construction costs at 9,159 crore rupees ($1.43 billion).

The news comes as India prepares to next month unveil a new national textiles policy that seeks to attract enough foreign investment to create 35 million jobs.