Sops for setting up textile units in MP

INDORE: With an aim to develop textile sector in the state, the fifth largest cotton producing state in the country, government claims to offer scores of facilities and tax relaxations for setting up textile units.

Textile is one of the nine focus areas in Global Investors’ Summit (GIS).

As per the data from Madhya Pradesh Trade and Investment Facilitation Corporation (TRIFAC), units with an investment of up to Rs 1,000 million in plant and machinery will be given entry tax exemption for a period of 5 years and units with an investment of more than Rs 1,000 million in plant and machinery will be exempted from entry tax for a period of 7 years.

Sources said, “Due to the availability of raw material the state is best suited for weaving units, processing units for yarn and fabrics and garment units.” Key industry players Trident, Grasim, Vardhman Textiles, Raymond and Century Textiles among many others have their facilities in the state.

Source:  Times of India