Gujarat Unveils Ambitious Textile Policy 2024 with Rs 30,000 Crore Investment Target

The Gujarat government has introduced its new textile policy, aiming to attract a Rs 30,000 crore investment to the state. This policy envisions making Gujarat a global technical textile hub and includes provisions for higher income for women's self-help groups, alongside numerous fiscal incentives and subsidies.

On Tuesday, the Gujarat government announced a comprehensive new textile policy, promising a range of subsidies and financial incentives for entrepreneurs interested in setting up units in the state.

Chief Minister Bhupendra Patel, while revealing the 'Gujarat Textile Policy 2024' in Gandhinagar, stated that the initiative anticipates bringing in Rs 30,000 crore in investments for the textile sector. This policy marks the continuation from the preceding five-year framework launched in 2019, which concluded recently.

The policy is strategically focused on garments, technical textiles, and man-made fibre production, placing particular importance on technical textiles crucial for industries such as automotive, healthcare, and infrastructure. It includes substantial fiscal incentives to motivate business growth in the sector, such as capital and interest subsidies, power tariff reduction, payroll support, and more for self-help groups.

(With inputs from agencies.)