Special sops to textile industry in Rajasthan

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SME Times News Bureau | 04 Jul, 2013
The Rajasthan cabinet Wednesday decided to provide a special customised package for the development of the textile industry, attracting investment worth Rs.10,000 crore and for creating 50,000 jobs in the next seven years.

The cabinet also approved the establishment of a Rajasthan Cooperative Finance and Development Corporation. The state government would provided a share capital of Rs.100 crore to increase credit availability in rural areas.

The package for the textile industry will be applicable to new enterprises, already established enterprises making investment for modernisation, expansion and diversification and sick units.

The government has promised sops including interest-waiver, subsidy and VAT reimbursement to the textile industry.

The cabinet meeting in Jaipur at the Chief Minister's Office also gave an in-principle approval for setting up a petroleum university.