The Government of Karnataka, a state in southern India, is expecting that the state would attract over Rs. 100 billion in investments once the new textile policy is implemented, state Minister for Textiles and Ports Baburao Chincahnsur told reporters in Bangalore. The draft textile policy will be soon placed before the State Cabinet for approval, the Minister said, according to The New Indian Express report. The policy has been drafted after due consultation with various stakeholders from the textile sector and also after studying the textile policies of other states like Gujarat, Maharashtra, Tamil Nadu and Andhra Pradesh, the Minister said. He said once the new textile policy is implemented it will attract about Rs. 100 billion investment in the state's textile sector and generate nearly 500,000 new jobs over the next five years.
The Minister said the state has received about Rs. 55 billion investment in the textile sector in the last five years, which resulted in the creation of about 250,000 new jobs. According to the Minister, Karnataka accounts for around 12 percent of all textiles and apparel exported from India. He informed that the state government has released Rs. 420 million for waiving loans availed by weavers, and another Rs. 270 million would be released for providing houses to weavers and helping them to maintain their looms.
