UP govt signs MoU with Centre for India's third mega Textile Park in Lucknow

UP govt signs MoU with Centre for India's third mega Textile Park in Lucknow

The UP Government is expecting an investment of Rs 10000 crore in this park. Besides it would generate over one lakh direct and indirect employment.

Rashmi SharmaUpdated: Tuesday, April 18, 2023, 09:11 PM IST
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Once known for its textile industry all over the world, Uttar Pradesh will regain its past glory. Union Textile, Industry & Commerce Minister Piyush Goyal said that the country's third mega textile park under the PM Mitra scheme is being set up in UP. There would be seven such parks in the country and UP’s would be the third one after Karnataka and Tamilnadu.

On Monday a memorandum of understanding (MoU) was signed between the union and UP government about the mega textile park that would come up near Lucknow in 1000 acres of land. The UP Government is expecting an investment of Rs 10000 crore in this park. Besides it would generate over one lakh direct and indirect employment. So far 67 investors have submitted their proposals worth Rs 2396.85 crore for setting up their units in this textile park.

₹300 crore allocated for Textile Parks

The central textile ministry has allocated a fund of Rs 300 crore for incentives to such parks. The units being set up in the park would get an incentive of three percent of their total sales turnover or a maximum of Rs 30 crores. This amount would be given on a first come first serve basis to the units.

In his address during the MoU signing ceremony, Piyush Goyal said that better law & order is necessary for industrial development in any state which is visible in UP now. He said that express ways of UP are a matter of envy in the entire world. UP is following three principles of Modi that is speed, scale and skill. He said that very soon UP would become a trillion dollar economy. Goyal said that UP’s textile industry would soon regain its past glory.

Speaking on the occasion, Chief Minister Yogi Adityanath said that PM Mitra Mega Textile Park would pave the way for industrial development in the state. He said besides agriculture, textile is the biggest source of income & employment for people of UP. Kanpur used to be the epicenter of textile once which now has been devastated. Yogi said that the UP government has started a new internship scheme for textile workers. The units coming up in the textile park would be a rebate of Rs two per unit in the electricity bills.

Big firms to invest in Textile Parks

In the mega textile park coming up in UP, Aditya Birla group has proposed to invest Rs 300 crore, Ganesh Ecosphere Rs 250 crore, Azul Denim craft Rs 150 crore, Cracker Jeans & Casual Rs 125 crore and Rs 100 crore by the SVM Inc.

It may be mentioned that the UP Government in its new textile policy has announced rebates and incentives to the new units coming up. As per the policy the new units would get 100 per cent rebate in the stamp duty, electricity duty, 25 per cent capital subsidy in plants and machinery and subsidy on the transportation of finished goods.

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