The recently-concluded two-day UP Investors Summit in Lucknow, Uttar Pradesh, touted to be amongst the most populous Indian states, witnessed the signing of at least 29 MoUs worth Rs. 7,436 crores in textile segment, informed State Textile Minister Satyadev Pachauri.
The Uttar Pradesh Government has committed to offering all the possible assistance to the investors and is creating a four-member committee to help them get their problems resolved timely. The committee will be headed by the Textile Commissioner himself.
It is being said that once the signed MoUs become a ground reality, more than five lakh people will get jobs in Uttar Pradesh’s textile and garment manufacturing industry.
The 2018 edition of the UP Investor Summit was organised on February 21st and 22nd in order to attract investments in the various potential sectors of Uttar Pradesh including textiles and garments.
The event served as a global platform, which brought together heads of states and Governments, leaders from the corporate world, heads of international institutions and academia from around the world, to further the cause of economic development in the state and promote cooperation.
Markedly, Uttar Pradesh became a major victim of GST-implementation that led to the closure of various carpet manufacturing units on a large scale. The carpet industry in India is currently pegged at around Rs. 3,000-4,000 crores of which more than two-thirds come from the Bhadohi-Mirzapur-Varanasi-Gopiganj-Khamaria belt.
In December last year, the State Government approved the ‘UP Handloom Garment Policy 2017’. The approval of the policy has come as a big relief to the industry as a whole.
However, the state is yet to work on its potential when it comes to textile and garment manufacturing. The huge investment attracted will only be fruitful if there’s a proper execution plan on cards.
