New textile policy aims Rs 10,000 cr investments

Vijayawada: The new textile policy has been designed with the goal of attracting Rs 10,000 crore investments to the state which can provide two lakh jobs, said Chief Minister N Chandrababu Naidu.

Chairing a review on the new textile policy to be announced by the state government, the Chief Minister told the officials here on Tuesday that the policy should be much better than the 2018-23 policy adopted then. He felt that employment to rural women can be provided on largescale in this sector as the state will be the best platform for investments in textiles once the new policy is adopted.

The Chief Minister expressed satisfaction over the draft policy and gave his assent to it, which will be brought before the Cabinet soon. The state government has already announced over 10 such new policies relating to various sectors. In the new textile policy, the state government has decided to encourage weaving, processing, garments and integrated units by providing incentives besides increasing the capital subsidy.

Additional incentives are also proposed in the fresh policy for SC, ST, BC and Minorities besides women. The Chief Minister also conducted a review on leather policy and said that the state government will take a decision on this only after further exercise on it.