The Uttar Pradesh government will give a 25 per cent rebate to entrepreneurs on the purchase of land and up to 100 per cent exemption from stamp duty for setting up a textile unit in the state, a minister said on Monday.
UP’s Handloom and Textile Industry Minister Rakesh Sachan said a government order has been issued on Monday on the new Handloom and Textile Industry Policy-2022. The policy was approved in the last cabinet meeting, the minister told reporters here.
Elaborating on the new policy, the minister said that it aimed at attracting Rs 10,000 crore in private investment by making UP a global textile hub and creating employment for five lakh unemployed.
Describing the features of the new policy, the minister said that if an entrepreneur buys land from any government agency for setting up a textile industry, he will be given a discount of 25 per cent. He, however, clarified that it will be 15 per cent in Gautam Budh Nagar.
There will also be a 100 per cent exemption in stamp duty in the state and 75 per cent in Gautam Budh Nagar, the minister said.
A 25 per cent discount will be given in the purchase of plant machinery under the policy and an additional 10 per cent discount will be given to entrepreneurs setting up industry in Bundelkhand and Purvanchal, he said.
There is also a provision to encourage graduates in textile, textile designing and fashion designing to start employment in the field of garment, apparel or home furnishing sector.
Referring to the resources of the state, Sachan said that there are trained workers, weavers and the availability of textile industry development institutes.
He said that many provisions have been made in this policy to ease the investment process and under this, youth have to be encouraged in this business. Self-employment to the children of weavers is the priority of this policy, he said.
(With PTI inputs)