Karnataka Budget: New textile policy aims to create 2 lakh jobs

The state government will provide assistance to small and medium industries to issue IPOs in the stock exchange. -

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May 31, 2024 The Karnataka state government is set to formulate a new textile policy 2024-2029 for the development of the textile and weaving sector.

"Through this policy, a capital investment of Rs 10,000 crore is expected, along with the generation of 2 lakh jobs. This policy will also promote greater investment and employment opportunities," said Karnataka CM Siddaramaiah in his budget speech.

A mega textile park is being established in 1,000 acres of land in Kalaburagi district in North Bengaluru under a PPP model in collaboration between the state and Central Governments. "The park is expected to generate direct employment for 1 lakh people and indirect employment for 2 lakh people. A grant of Rs 50 crore will be provided for supplemental infrastructure for this project," said Siddaramaiah.

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