Tamil Nadu Handlooms and Textiles Department is studying the textile policies of other states like Maharashtra, Gujarat and Madhya Pradesh and evaluating the financial and legal aspects before coming up with a new textile policy for the state in the next few days to entice more investments ahead of the Global Investors Meet.
The ministers concerned and representatives from the textile sector had a meeting on July 22 where requests were made to have a policy on par with recent trends in the sector.
The revised policy could come before the Global Investor Meet scheduled for September 9 and 10. As part of the meet, 12 focus sectors have been identified, one of which is the textiles and apparels sector.
Minister for handlooms and textiles, S. Gokula Indira said that the government is planning to introduce suitable tax concessions and the single window system for the approval of the investment proposals.
Textile industry in Tamil Nadu accounts for 17 per cent of the total invested capital in all the industries.
Tamil Nadu is one of the leading states in the textile sector and it houses the country’s largest spinning industry accounting for almost 80 per cent of the total installed capacity in India.
The state contributes 40 per cent of the total yarn production in the country. There are 2,614 hand processing units (25 % of total units in the country) and 985 power processing units (40 per cent of total units in the country) in Tamil Nadu.
