CM Stalin announces 20% capital subsidy for textile machinery in TN

Coimbatore (Tamil Nadu) [India], January 29 (ANI): Tamil Nadu Chief Minister MK Stalin on Thursday announced a 20 per cent capital subsidy for the purchase of advanced textile and garment machinery, as part of the Tamil Nadu Government's efforts to further strengthen the textile sector.
Addressing the ongoing International Textile Conference at the CODISSIA Trade Fair Complex in Coimbatore through video conferencing, the Chief Minister said Tamil Nadu, the second-largest economy in the country, continues to lead in ensuring inclusive growth with social justice.
He noted that under the Dravidian Model of governance, the textile sector has recorded rapid growth on par with sectors such as automobiles, information technology and footwear manufacturing.
The Chief Minister highlighted that Tamil Nadu has been India's largest exporter of readymade garments for the past five years, accounting for 33 per cent of the nation's total textile trade. He said the sector provides direct employment to 31 lakh workers, of whom over 60 per cent are women, underscoring the sector's role in women's empowerment.
Recalling that the State Government had created a separate Department of Textiles in recognition of the sector's importance, Stalin congratulated Minister for Handlooms and Textiles R Gandhi and officials for their initiatives to position Tamil Nadu's textile industry on the global stage.
He said the Government is taking proactive measures to address challenges arising from the 50 per cent tariff imposed by the United States, including exploring new markets and urging the Union Government to withdraw the 11 per cent import duty on cotton.
The Chief Minister expressed confidence that the conference would help attract international investments, particularly in the context of the India-European Union trade agreements. As part of the event, the Tamil Nadu New Integrated Textile Policy 2025-26 was released.
In response to industry stakeholder demands, Stalin announced a 20 per cent capital subsidy for the purchase of state-of-the-art weaving and knitting machinery, with an annual allocation of Rs 30 crore for the scheme.
He noted that textile conferences held earlier in Coimbatore, Madurai and Thoothukudi had attracted investments worth Rs 9,764 crore, and that the current conference is expected to see the signing of 55 Memoranda of Understanding (MoUs) worth Rs 915 crore.
Inviting global entrepreneurs to invest in Tamil Nadu, the Chief Minister said the State offers world-class infrastructure and a conducive investment climate, and concluded by wishing the conference success. (ANI)