UP In­vestors Sum­mit at­tracts Rs. 7,436 crore in­vest­ment

Apparel Online - - Tex-file -

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 crore in tex­tile seg­ment, in­formed State Tex­tile Min­is­ter Satyadev Pachauri.

The Ut­tar Pradesh Gov­ern­ment has com­mit­ted to of­fer all the pos­si­ble as­sis­tance to the in­vestors and is cre­at­ing a fourmem­ber 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 21 and 22 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 crore of which more than two-thirds come from the Bhadohi-Mirza­pur-VaranasiGopi­ganj-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.

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