TN govt to release new textile policy: Finance Minister

CHENNAI: Finance Minister Palanivel Thiaga Rajan on Monday announced that a new textile policy would be released with a focus on holistic development and textile machinery manufacturing.

Presenting the Budget for 2023-24 at the state Assembly, he said that a new textile park would be established in Salem at a cost of around Rs 880 crore in an area of 119 acres, with funding from Union and State Governments and participation of the private sector.

He said that the land acquisition of 1,052 acres for setting up the Mega Textile Park at a cost of Rs 1800 crore in Virudhunagar district has been completed by SIPCOT.

"This park which is being established with the support of the Union government will provide employment to two lakh persons and the works are expected to commence shortly," he said.

To upgrade the standard of handloom products, using the latest technologies and creating market linkages, the government would establish 10 mini handloom parks at a total outlay of Rs 20 crore, he said.

The Minister said that two industries manufacturing non-leather footwear are proposed to be set up in Ranipet and Kallakurichi districts with employment potential for 32,000 women.