India new textile policy aims at boosting industry, promote employment

India’s Textile Policy 2024 launched recently, aims to revitalize the nation’s textile sector and create significant employment opportunities. The policy focuses on two key areas: technical textiles, including apparel and clothing, and various manufacturing processes such as weaving and dyeing..

To encourage investment and growth, the government has introduced a range of financial incentives. These include capital subsidies, credit-linked interest subsidies, electricity tariff reductions, and wage assistance for employees. The policy also provides support for quality certification, energy and water conservation, and technology acquisition.

A key feature of the policy is its emphasis on labor-intensive units. New industrial units that employ at least 4,000 registered individuals under the Employee Provident Fund scheme, including a minimum of 1,000 women, will receive enhanced financial benefits. These include higher capital subsidies, increased credit-linked interest subsidies, and additional electricity tariff support.

The policy aims to create a more competitive and sustainable textile industry in India, while also promoting employment, particularly among women. By providing targeted financial assistance and support for skill development, the government hopes to drive growth and innovation in this vital sector.