MK Stalin, Chief Minister of Tamil Nadu, has unveiled the Tamil Nadu Export Promotion Policy at the Export Conclave held in Chennai.
The State will adopt a two-pronged approach – export promotion and export diversification – to achieve this objective.
As per the policy, Tamil Nadu would develop two Economic Employment Enclaves in Manaellore and Thoothukudi to ensure balanced growth of exports across the state.
The state has identified 10 export hubs and shall strengthen export-related common infrastructure projects in these hubs by reimbursing 25 per cent of the project cost, subject to a ceiling of Rs. 10 crore per export hub. This would also be beneficial to textile and apparel clusters.
The schemes formulated to provide special package incentives to encourage manufacturing of value-added products would be increasingly beneficial to Tirupur’s knitwear exporting units.
Raja M. Shanmugham, President, Tirupur Exporters’ Association (TEA), welcomed the release of Tamil Nadu Export Promotion Policy and said that it was a long requisition of the association.
He expressed confidence that the policy would help Tamil Nadu reach export target of US $ 100 billion by 2030 from the current level of US $ 30.53 billion.
Notably, textiles & textile articles’ (HS code 50 to 63) export contribution from Tamil Nadu is US $ 7.38 billion and out of this, Tirupur’s knitwear garment export contributes around US $ 4 billion.