Vijayawada, November 27, 2024 – Andhra Pradesh Chief Minister N. Chandrababu Naidu has announced a new textile policy aimed at attracting Rs 10,000 crore in investments to the state, with the potential to generate two lakh jobs. The policy, designed to surpass the previous 2018-2023 textile plan, seeks to promote the state’s textile sector as a key growth driver.
During a review meeting on the new policy, Naidu emphasized the role of rural women in the textile industry, noting that the sector could provide widespread employment opportunities. He stated that Andhra Pradesh is poised to become the ideal destination for textile investments once the new policy comes into effect. The Chief Minister expressed his satisfaction with the draft policy and confirmed it would soon be presented to the Cabinet for approval.
The new policy includes provisions for providing incentives and increasing capital subsidies to encourage the establishment of weaving, processing, garment, and integrated units. In addition, specific incentives have been outlined for SCs, STs, BCs, Minorities, and women, aiming to foster inclusive growth within the sector. The government has already rolled out more than 10 new policies targeting key sectors of the economy, further enhancing the state’s business landscape.
Naidu also chaired a review meeting on the state’s leather policy, though he stated that a decision on this would only be made after in-depth discussions. The focus remains on ensuring that both the textile and leather policies align with the state’s broader economic development goals.
