India:Karnataka comes out with new textile policy

The textile and particularly the garment industry is booming in the state of Karnataka. It is home to the biggest garment manufacturers in India. The state also has a major share in the basket of textile and garment exports from the country. Now in order to provide a further boost and a thrust to the industry, the Karnataka government has come out with a new textile policy. The new textile policy aptly named ‘Suvarna Textile Policy' (2008-13), expects to attract new investments to the tune of Rupees 100 billion over a period of five years. The policy envisages setting up of textile and apparel parks in various districts of the state with the target of creating 500,000 new job opportunities. The government is also piping in with a subsidy of rupees 5 billion during the five year period and as a first step towards promoting... [read full story]