Published on December 16, 2013

Mr. Vince cable, UK’s Secretary State for business, Innovation and Skills is on 4-day visit to India, said that Indian companies can invest in the textile sector in the United Kingdom. He said that Government of UK is encouraging the revival of this industry and Indian companies can also invest in this. Mr. Cable said that in UK textile industry has virtually closed and there were hardly any mills that were operating there, but now it is changing now. He added that trade volume between India and UK is likely to double by 2015 compared to 2010, growing at an annual rate of 15-20%.

In a recent move the Gujarat Govt. has given approval for giving financial assistance of Rs.65.99 crore for the five textile parks, under the Gujarat textile Policy of 2012. Three of them are textile parks and two are spinning parks. Two of the five parks come up in Bharuch, two in Surat and one in Kheda. These are estimated to cost Rs338 crore. Financial assistance will be given for development of common infrastructure under textile policy. For the textile parks government will provide assistance of Rs.10 Crore or 50% of the cost and for spinning parks, assistance of Rs.30 Crore or up to 50% of the cost will be provided.

To add further assistance, the Government of West Bengal has also taken similar step. It has approved construction of an integrated textile park in Belur in the South 24 Paraganas district. State government is expecting that operation at this textile park will begin within 24 months and it will create an investment of Rs.14 billion. Initially this park was supposed to have only mega power looms, but later on West Bengal Government decided to accommodate handlooms and dyeing units also.