"We have completed all the administrative and legal work and issued notification for the roll-out of the policy," State Finance Minister Nitin Patel said. (Agencies)
"Gujarat is the largest producer of cotton in the country, but most of our cotton goes out and due to irregular policies of the central government on cotton exports, farmers of the state have not been getting due price," Patel said.
"Due to this, we have decided to bring the new textile policy, which aims to promote ginning, processing, yarn production, spinning, cloth manufacturing and ready-made garment making. This will help the farmers get better value of their cotton production," Patel said.
The Gujarat government had announced the Textile Policy 2012 on September 5 last year.
Ahmedabad, which was considered as Manchester of the country due to presence of hundreds of textile mills here, also witnessed their disintegration. Gujarat is now lagging behind many other states, including Tamil Nadu in textile industry.
Under the new policy, Gujarat government has declared a slew of incentives to infuse new life to textile industry in the state.
The policy aims at starting cotton spinning and weaving parks around cotton growing areas of the state.
In the policy, the state government has announced five per cent interest subsidy on bank loans for five years for those who establish new plants for value addition chain like ginning, processing, weaving, knitting, machine carpeting.
"We have completed all the administrative and legal work and issued notification for the roll-out of the policy," State Finance Minister Nitin Patel said.