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The Indian government is giving tax breaks to investors for building projected MEGA Textiles parks

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textile-parkThe Indian Union government is giving tax breaks to investors who build projected giant textile parks with plug-and-play facilities covering more than 1,000 acres apiece throughout India. According to UP Singh, Textile Secretary, land for the project would be provided by the state. India will benefit from the move by gaining “scale” in the textile and apparel value chain. According to Singh, it would also complement the recently approved Rs 10,638 crore production-linked incentive (PLI) programme for the man-made fiber and technical textiles industries.

To establish a healthy eco-system, the parks will be located near ports and will contain a variety of textile and garment companies, as well as integrated facilities. The Center will award incentives in two payments, following completion of approximately 60% and 100% of the work, respectively. In addition to construction, investors will be responsible for the upkeep of these parks and other related amenities. They will run the park for 25-30 years and will be able to charge fees to the businesses who set up shop there. Because of the higher synergy among its resident businesses, these mega parks will attract international customers by offering a diverse variety of products and catering to big orders.

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