Mumbai, 27 Nov (Commoditiescontrol): The Andhra Pradesh government has launched its much-anticipated Textile and Apparel Policy 2024-29, aimed at transforming the state into a global hub for textiles and apparel manufacturing. The policy outlines incentives and infrastructure initiatives to attract investments, create jobs, and enhance export potential.
Key Highlights of the Policy:
Investment Incentives: The policy offers capital subsidies, interest rebates, and power tariff concessions to attract both domestic and foreign investors. Large-scale textile parks and industrial clusters are also planned under the initiative.
Infrastructure Development: The government has allocated significant funds to build modern textile parks equipped with state-of-the-art facilities. These parks will feature integrated units for spinning, weaving, dyeing, and garment manufacturing.
Focus on Sustainability: Encouraging the use of renewable energy and eco-friendly manufacturing practices is a key aspect. The policy also promotes recycling and waste management to ensure environmental compliance.
Employment Generation: With an aim to create over 2 lakh jobs, the policy emphasizes skill development through training programs and partnerships with industry stakeholders.
Export Boost: Special incentives for export-oriented units (EOUs) have been introduced to enhance the state’s share in global textile exports. Logistics support through dedicated export hubs will also be prioritized.
Impact on the Industry The policy has been well-received by industry experts, who believe it will position Andhra Pradesh as a competitive player in the global textile market. The state’s rich cotton production, coupled with the policy’s incentives, is expected to draw investments from major players in the industry.
Industry associations have lauded the policy's clarity and focus on long-term growth. However, they have also emphasized the need for quick implementation and resolving challenges like raw material availability and infrastructure bottlenecks.
As Andhra Pradesh accelerates its efforts to modernize the textile sector, this policy is expected to play a crucial role in driving economic growth and positioning the state as a preferred destination for textile manufacturing in India.
(By Commoditiescontrol Bureau; +91-9820130172)
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