Madhya Pradesh has landed investment in textile and garment sectors to the tune of Rs 15,000 cr in the last two years owing to availability of raw land bank and higher investment promotion assistance for setting up factories in far flung areas.
In the state housing more than 25 mega and large-scale textile companies, close to 15 textile and garment units have set up facilities at Ujjain, Dhar, Indore and Bhopal among other areas in the last two years.
Industrial policy and investment promotion department principal secretary Manish Singh said, “The state has received encouraging investments in textile and garments in the past two years. Close to 15 new textile and garment units have come up in different parts of the state and an investment of Rs 15,000 cr has been pumped in the last two years.”
Recently, Best Corporation Ltd, New Zeel Fashion Wear Pvt. Ltd, Gokaldas Exports, Biba and Yashoda Linen Yarn Ltd among others have set up new facilities in Madhya Pradesh.
The availability of cotton in Madhya Pradesh, the fourth largest cotton producer of the country, has also attracted many leading industries from Southern India to establish their footprints in the state.
“Textiles and garment sector is emerging big in state. The conducive industrial ecosystem, law and order situation and the political economy of Madhya Pradesh are big advantages for the industry. The availability of land at competitive rates, availability of easy manpower and training support are again a big attraction for industries exploring options to make investments,” said Singh.
While developed industrial belts of the state have many takers from the textile sector, the government is offering higher investment promotion assistance for setting up factories in industrial belts of the state where development is low.
“Under Industrial Promotion Policy of Madhya Pradesh (IPP) 2014, the state is offering 1.2 times over and above the basic Investment Promotion Assistance to industries coming in locations where development of industries is low,” said Singh.
Madhya Pradesh Government has released Rs 742.60 cr capital subsidy and Rs 1,786 cr as total incentives to industries across sectors in the financial year 2022-2023, according to the official data.
