T.N. govt. to support modernisation of textile sector: Stalin

Tamil Nadu government pledges ₹30 crore annually to modernize textiles, supporting investments and boosting the industry’s growth.

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The State government would allocate ₹30 crore every year to extend 20% capital subsidy to investments aimed at modernising weaving and knitwear units, said Chief Minister M.K. Stalin on Thursday.

Addressing the International Textile Summit 360 in Coimbatore through video conference, Mr. Stalin said Tamil Nadu had been the largest exporter of ready-made garments in India for the last five years. It held a 33% share of the country’s textile business and provided employment to 3.1 million people, 60.12% of whom were women, he said.

Hit by the 50% U.S. tariffs on India’s textile and garment exports, the State is working with the Centre to support the industry in identifying new markets, conducting buyer-seller meets, and removing the 11% import duty on cotton.

At the recent investment conclaves held in Coimbatore, Madurai, and Thoothukudi, MoUs worth ₹9,764 crore were signed, and on Thursday, 55 agreements worth ₹915 crore were signed.

Earlier, inaugurating the conference organised by the Confederation of Indian Industry and the Government of Tamil Nadu, Deputy Chief Minister Udhayanidhi Stalin said the government would ensure the 6% interest subvention scheme for spinning mills to support pre- and post-spinning activities.