COIMBATORE: The Chief Minister MK Stalin on Thursday announced a 20 per cent capital subsidy on the purchase of advanced weaving and knitting machinery for textile units.
The Chief Minister, in his address through a video message at the International Textile Summit- 360 in Coimbatore, said the textile firms purchasing state-of-the-art weaving and knitting machinery would be eligible for a 20 per cent capital subsidy with an annual budget allocation of Rs 30 crore under the newly integrated textile policy 2025-26.
“While ensuring inclusive growth and social justice under the Dravidian model of governance, the State has retained its position as the country’s largest exporter of ready-made garments for five consecutive years, accounting for 33 per cent of India’s total textile trade, providing direct employment to 31 lakh workers, of whom 60.12 per cent are women,” he said, highlighting the State’s robust infrastructure and investor friendly ecosystem.
Claiming that the state government is taking proactive steps to mitigate the impact of the 50 per cent tariff imposed by the United States, including identifying new export markets, the Chief Minister urged the Union government to remove 11 per cent import duty on cotton.
Pointing out that the textile sector has recorded remarkable growth, on par with industries such as automobiles, information technology and footwear manufacturing, Stalin said the government is working to elevate the sector to global standards.
Expressing confidence that the summit would play a key role in attracting international investments amid ongoing India-European Union trade negotiations, the Chief Minister said the textile conferences held in Coimbatore, Madurai and Thoothukudi helped attract investments worth Rs 9,764 crore. An integrated textile policy 2025-26 was also released at the conference.