The Uttar Pradesh government has set a target of creating 40,000 jobs in the textile sector in the next financial year 2024-25.
To achieve this goal, the state has made adequate provisions in the UP Annual Budget 2024-25 to boost private investment and promote textile hubs.
A sum of Rs 400 crore is proposed to be spent for the uplift of handloom as well as powerloom weavers.
Additionally, Rs 400 crore is proposed for the PM Mega Integrated Textiles Region and Apparel Scheme, under which a 1000-acre mega textile park is coming on adjoining swathes of Lucknow and Hardoi districts.
The park is expected to attract an investment of Rs 10,000 to Rs 15,000 crore in the textile and garments segment, and creating approximately 300,000 direct and indirect jobs.
A budget of Rs 150 crore is proposed for the purchase of land for the establishment of the National Institute of Fashion Technology (NIFT) in Varanasi.
Moreover, the Yogi Adityanath government is initiating the ‘Mukhyamantri Yuva Udyami Vikas Abhiyan’ with a budget of Rs 1,000 crore to connect educated and skilled youth with self-employment.
At the same time, 10 Pledge Parks are being established in the private sector to encourage industrial establishments.
In addition, under the Mukhyamantri Sukshm Udyami Durghatna Bima Yojana (Micro Entrepreneur Accident Insurance Scheme), operational since 2023, there is a provision for financial assistance of up to a maximum of Rs 5 lakh to micro-entrepreneurs.