India’s Textile Policy 2024 aims to boost growth, create employment opportunities

The Indian government aims to boost economic growth and create new employment opportunities with its Textile Policy 2024 to 2029. The policy pays special attention to technical textiles and manufacturing processes including weaving and dyeing.

The India Textile Policy 2024 to 2029 offers numerous financial incentives aimed at strengthening the country’s textile industry, Asian News International reported. Financial support mechanisms offered to textile businesses include capital subsidies which range from 10% to 35% of fixed capital investments which are found to be eligible, with a cap on Rs 100 crore.
 
The policy offers wage assistance schemes for employees with eligible companies able to receive an additional Rs 3,000 to Rs 5,000 for female employees and an additional Rs 2,000 to Rs 4,000 for male employees, depending on their job descriptions, ET Bureau reported. The policy also commits to including a minimum of 1,000 women in its Employee Provident Fund.
 
The policy offers eligible Self Help Group members Rs 5,000 a month for three months of training and payroll support to contribute up to 25% of their employment work turnover for five years. The government aims to offer additional financial support to Self Help Groups to promote employment in non-metro locations. Many Self Help Groups notably also preserve heritage crafts practices. Other elements of the Textile Policy 2024 include benefits for businesses using renewable energy and a commitment to quality certification.