Over the next five years, Odisha wants to attract ₹10,000 crore in investment for its textile sector. The goal is to create over 100,000 jobs in the industry and boost the state’s economy.
Bhupendra Singh Poonia, managing director of Industrial Promotion & Investment Corporation of Odisha (IPICOL), told Mint that “the state government has approved projects in the textiles sector under the revised Industrial Policy Regulation (IPR) that offers a 30% reimbursement facility to investors in the textiles sector.”
This incentive will be paid out to investors in five equal annual installments, which equates to a 6% annual reimbursement, beginning when commercial production begins.
This tactic is part of a larger effort to attract investments into a variety of textiles sectors, including apparel and technical textiles, across both synthetic and natural fibers. This effort is summed up in the technology-focused IPR that was announced in December 2022.
“As of now, Odisha has a negligible presence in textiles export and is working to increase its share, particularly in technical textiles and apparel, given the potential that the state has,” he stated. “In this sector, we have approved 26 proposals, and they are at varying stages of commissioning, land allotment, approval, design drawing, etc.”
