April 20, 2024

Several Initiatives In TN Budget To Promote Textile Industry

Tamil Nadu Finance Minister Thangam Thennarasu has announced several initiatives for development of the textile and apparel industry in the state in the Tamil Nadu budget.

These include development of the PM MITRA Park in Virudhunagar, Textile Park in Salem, higher capital subsidy for technical textile investments and support for technology upgradation for spinning mills.

The budget has plans to establish 10 Mini-Textile Parks in Erode, Karur and Virudhunagar at Rs 20 crore, and setting up a research and business development centre at Rs 25 crore for technical textiles.

The Finance Minister also announced a 25 percent capital subsidy for investments in technical textiles, and 6 percent interest subvention for technology upgradation in spinning mills.

The budget also includes setting up an integrated complex, spanning 400,000 sq. feet, comprising of exhibition halls for display of handlooms and handicrafts in Chennai at an estimated cost of Rs 227 crore.

Incidentally, the earlier government had extended 2 percent interest subsidy for modernising spinning mill machinery, which has been now increased to 6 percent.

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