Cabinet approves scheme to set up 7 mega textile parks

The Union cabinet on Wednesday cleared a Rs 4,445 crore scheme to build seven mega textile parks over five years seeking to boos manufacturing and jobs. The cabinet also approved bonuses for more than 1.15 million non- gazetted employees of the Indian Railways for the 2020-21 financial year at an expenditure of Rs 1,985 crore.

While the seven textile parks will boost manufacturing and export of textiles the productivity linked bonus is expected to improve Indian Railways performance. For setting up the mega textile parks the central government and partnering states will take on board developers who will bring in other investors to set up production units.

The developers will get long term lease of the park with real estate development rights but it will be their responsibility to bring in investors to set up the units. The lease would initially be for 25 years which would extended by another 25 years.

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