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Mysore textile park expected to generate 10,000 jobs

The government will provide either 40% or Rs 20 cr, whichever is minimum

BS Reporter  |  Mysore 

The Rs 200 crore in Mysore, announced in the budget on Thursday, will create 10,000 and help in the economic development, besides attracting huge investments and infrastructure development in the region, Member of Parliament (MP) from Mysore-Kodagu Pratap Simha said here.

Hailing the announcement of Finance Minister Arun Jaitley, he said, the which is to be developed under the special purpose vehicle (SPV) scheme should have 15 entrepreneurs as members. It requires over 15 acres and the entrepreneurs should purchase land at their own cost.

The government will provide either 40 per cent or Rs 20 crore, whichever is the minimum amount of subsidy to them, 50 per cent after the commencement of production and the rest within five years with interest.

Also, subsidy of Rs 1 will be given for each unit of power consumed over a period of five years, the MP added.

The Industries Association (MIA) and Mysore-Kodagu MP Pratap Simha also welcomed the Union Budget. He has termed the Budget as industry-friendly and supports overall industrial development of the country, said MIA President P Vishwanath and General Secretary Suresh Kumar Jain.

They welcomed the announcement of a special support for the development of the manufacturing sector; implementation of an investor-friendly tax structure; implementation of the Goods & Service Tax (GST) before the end of this financial year; seven smart cities, and textile parks have been declared with budgetary allocation in and Bagalkot districts of Karnataka; allocation of Rs 10,000 crore. For micro, small and medium enterprises; loans at 4 per cent for women enterprises and formation of special economical zone for women entrepreneurs.

MIA hoped that out of the seven smart cities, one would be developed in the Mysore region.

However, it was unhappy over the non-announcement of cluster development on the lines of Gujarat, including providing land free of cost; rehabilitation of sick industries’ package throughout India on the lines of Gujarat; non-implementation of all MSME Ministry schemes directly by the MSME Ministry; and not enhancing the limit of credit guarantee-free loan and credit-linked capital subsidy from Rs 1 crore to Rs 2 crore.

First Published: Fri, July 11 2014. 20:31 IST