Textile mills in the south Indian state of Tamil Nadu are about to get a big shot in the arm.
Tamil Nadu Chief Minister J. Jayalalithaa recently announced plans to motivate growth in the state’s textile industry and establish a consultative panel to support integrated development.
“I am happy to announce that the Tamil Nadu government will extend financial support up to 2.5 crore rupees (roughly $374,877) to entrepreneurs who come forward to set up Integrated Textile Parks,” she said, noting that the consultative committee will be led by the textiles minister and will work to grow and strengthen the hand and power loom, yarn and apparel industries.
According to the Statesman, 14 textile parks have already been allocated as part of this project and the state government will provide financial support of up to 25 percent.
In addition, a 15 percent discount will be given to silk clothing to help stimulate sales and lower inventory. This will require an additional expenditure of 10 crore rupees (around $1.5 million).
Jayalalithaa also announced projects requiring around 22.55 crore rupees (or $3.37 million), including one to cultivate high yielding mulberry varieties in 5,000 acres using a subsidy of 5.25 crore rupees (or $787,242).