COIMBATORE: In the presence of Deputy Chief Minister Udhayanidhi Stalin and Minister for Handlooms and Textiles R Gandhi, 55 MoUs worth Rs 915 crore were signed and exchanged for investments to the textile sector, in various categories such as spinning, weaving, processing, apparel and garments, and technical textiles.
After inaugurating the two-day International Textile Summit 360, Udhayanidhi also handed over awards to the top five textile companies, each with a Rs 2 lakh prize for the ‘Best Exporter’ in five categories.
He also gave orders for an interest subsidy of Rs 11.7 lakh for modernising old spinning machines, a subsidy of Rs 67.49 lakh for setting up power looms, and a capital investment subsidy of Rs 10.92 crore for starting a new textile processing plant. He also handed over orders for a subsidy of Rs 1.3 crore as the state government’s share for the project to set up an integrated textile mill for technical textiles.
Speaking at the event, the deputy chief minister said, “Tamil Nadu is considered the textile valley of India and Coimbatore, Tiruppur and Karur districts are major hubs. The Dravidian model government is implementing various schemes for the textile industry. I believe that the industry will contribute to achieving the goal of making TN a trillion-dollar economy,” he said.