Andhra Pradesh Government Unveils New Textile Policy to Boost Industrial Growth
The Andhra Pradesh government is launching a new Textile Policy to further drive industrial growth and attract significant investments to the state. This initiative aligns with the government’s broader strategy to boost the industrial sector, and follows the introduction of over ten policies aimed at stimulating economic progress.
Key Highlights of the New Textile Policy:
- Investment Target: The policy aims to attract ₹10,000 crore in investments, which is expected to create employment opportunities for approximately 2 lakh individuals.
- Support for Industries: The policy includes various incentives to encourage the growth of weaving, processing, garments, and integrated textile units within the state.
- Capital Subsidy: There will be increased capital subsidies, with a focus on supporting SC, ST, BC, minority communities, and women entrepreneurs to ensure inclusive growth.
Vision for Andhra Pradesh’s Textile Sector:
Chief Minister Chandrababu Naidu emphasized that this new policy should not only match but exceed the benefits of the previous 2018-2023 Textile Policy. He pointed out that the significant investments would especially aid rural employment and empower women, reinforcing Andhra Pradesh’s position as a leading destination for textile manufacturing in the country.
Approval and Next Steps:
Following a review of the draft policy, Chief Minister Naidu expressed his satisfaction with its provisions and approved the policy for presentation to the Cabinet. This step marks a major move towards securing the future growth of the textile industry in Andhra Pradesh.
Focus on Leather Policy:
In addition to the Textile Policy, the state government is also focusing on a new Leather Policy. The Chief Minister directed officials to conduct further consultations before finalizing the draft.
The review meeting, which also saw the presence of Minister K. Savitha and senior officials from various departments, marks a pivotal step towards achieving the state’s industrial goals.
