Rajasthan Is Expecting About RS. 100 Billion New Investments Over The Next Seven Years

The textile industry in western Indian state of Rajasthan is expecting about Rs. 100 billion new investments over the next seven years, due to the state government’s recent announcement of ‘Special Customized Package for Textiles Sector Enterprises – 2013’, state Industries Minister Rajendra Pareek said at the ongoing VASTRA 2013 fair in Jaipur.

The new policy of the state government, valid till 2020, is applicable to new enterprises as well as to the existing firms making investment in modernization and expansion of their units, the Minister said.

The new policy provides interest subsidy for setting up new industries and reimbursement of 60 percent of value added tax (VAT) paid to the state government.

Speaking to reporters on the sidelines of the fair, KL Jain, secretary general of Rajasthan Chamber of Commerce and Industry, said the demand for textiles from Rajasthan is growing in Latin America, Australia and Africa.

Around 161,000 people are employed in Rajasthan textile industry, including mills and the powerloom sector.

The four-day fair, organized by Rajasthan State Industrial Development and Investment Corporation Ltd (RIICO) and the Federation of Indian Chambers of Commerce and Industry (FICCI), aimed at showcasing the best and latest in textiles from technology to products.

The fair is designed to serve as a platform for launching new products, exploring avenues for new business relations, joint ventures, strategic alliances and partnerships with worldwide textile firms which are looking for setting up businesses in India.

In this year’s edition, scheduled to end on October 6, over 200 exhibitors have displayed their products, which include garments, home textiles, carpets, made-ups, etc.

In addition to participation from traditional export markets like the US and Europe, there is also an increased participation from Australia, Africa, China and Latin America, at the fair.