India launches textile policy 2024 to boost growth, employment

The policy highlights two main areas: technical textiles, including clothing and apparel, and various manufacturing processes like weaving and dyeing.

The policy provides various financial support mechanisms for businesses, including capital subsidies ranging from 10 per cent to 35 per cent of eligible fixed capital investments, capped at Rs100 crores based on taluka and activity. It offers credit-linked interest subsidies of 5 per cent to 7 per cent for 5 to 8 years, with an annual cap of 2 per cent to 3 per cent. Companies can receive Rs 1 per unit of electricity for 5 years, applicable to DISCOMs or renewable energy sources. Wage assistance will be available for employees, ranging from Rs 3,000 to Rs 5,000 per month for women and Rs 2,000 to Rs 4,000 for men, depending on their roles. Additionally, self-help group (SHG) members will receive Rs 5,000 per month for training for 3 months and payroll support of up to 25 per cent of job work turnover for 5 years. The policy also includes measures for quality certification, energy and water conservation savings, and technology acquisition support.The Textile Policy 2024 places a strong emphasis on labour-intensive units, defined as new industrial units that employ at least 4,000 registered individuals under the Employee Provident Fund (EPF) scheme, including a minimum of 1,000 women. These units can receive capital subsidies of 25 per cent to 35 per cent, capped at Rs 150 crores, and are eligible for credit-linked interest subsidies of 7 per cent to 8 v for up to 8 years, with an annual cap of 3 per cent. Additionally, they will benefit from electricity tariff subsidies with a maximum annual limit of Rs 15 crores for group captive renewable energy sources. Wage assistance for female employees will range from Rs 3,000 to Rs 5,000, while male employees will receive support of Rs 2,000 to Rs 4,000 per month for a decade. Self-help groups (SHGs) will also receive similar financial support. Overall, the policy aims to strengthen India's textile industry, promote employment--especially among women--and enhance competitiveness through various financial aids and technological support. (ANI)