The textile park to be set up in Mysore, announced in the budget on Thursday has been welcomed and termed it as industry-friendly and supports overall industrial development of the country, said the Mysore Industries Association (MIA) and Mysore-Kodagu MP Pratap Simha.

Member of Parliament (MP) from Mysore-Kodagu Pratap Simha said that the textile park in Mysore is expected to create job opportunities for more than 10,000 people and help in the economic development, besides attracting huge investments and infrastructure development in the Mysore region.

The textile park to be developed in Mysore will be under the special purpose vehicle (SPV) scheme which 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 percent or Rs 20 crore, whichever is the minimum amount of subsidy to them, 50 percent 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.

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 Mysore 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.