India: Karnataka clears new textile policy

Trade & Policy

India: Karnataka clears new textile policy

The Karnataka State Cabinet has approved a new textile policy (2013-18) envisaging an investment of Rs 10 billion in the next five years. The 2008-2013 policy of the BJP government envisaged investment of Rs 5 billion but that government spent only Rs 1.45 billion, according to state government officials.

The new policy will provide more employment in the garment sector, and will give a boost to spinning mills. A revival package for spinning mills is also in the offing, the minister informed. A single window agency will also be established for catering to investment requirements of companies keen on investing in the state. The policy encourages investment in tier-II cities such as Mysore, Mangalore, Hubli-Dharwad, and Belgaum.