PATNA: The Bihar Cabinet on Thursday approved a policy to promote textile and leather industries in the state through incentives such as subsidies.
State industries minister Syed Shahnawaz Hussain said those setting up textile and leather or related units will get capital investment subsidy up to ₹10 crore and power at ₹2 per unit under the Bihar Industrial Investment Promotion Policy (Textiles and Leather) Policy. “Since textile and leather industries are labour intensive, a provision of employment generation subsidy of up to ₹5,000 per month per worker has also been made.”
Hussain said an interest subsidy of up to 10% on loan, and a skill development subsidy of ₹20,000 per employee per year will be provided to all eligible units apart from 100% reimbursement on stamp duty/registration, and land conversion.
“This policy is not only a gift to the people of Bihar, who are progressing rapidly…but is going to prove a game-changer for the state,” said Hussain.
Source: Hindustan Times
