WBHA expects Rs 400 crore investment in hosiery parks

The West Bengal Hosiery Association (WBHA) announced on Wednesday that it expects an investment of Rs 400 crore in capacity building of hosiery parks in the state by the next fiscal year. The investment aims to add a sprawling 20 lakh sq ft of operational area to the hosiery parks, said WBHA secretary Pradeep Arora.

Importance of MSMEs

Speaking at a session on manufacturing industries with a focus on MSMEs and textiles at the seventh Bengal Global Business Summit, Chief Secretary H K Dwivedi emphasized the importance of Medium and Small Scale Industries (MSMEs) in the rural hinterlands. He stressed the need for robust support mechanisms such as enhanced access to credit, simplified compliance obligations, and swift project approvals.

Acknowledging the challenges faced by MSMEs, Dwivedi said the state government was taking a proactive approach by regularly organizing stakeholder consultation meetings at the district level, often in the presence of Chief Minister Mamata Banerjee and representatives of district chambers of commerce. He urged the chambers of commerce to actively collaborate with the government, identifying and addressing grey areas hindering the growth of MSMEs.

Government Initiatives

N G Khaitan, president of the Bharat Chamber, lauded the government's initiatives in facilitating land allotments to investors within a 15-day timeframe. Khaitan also praised the government's efforts to promote the garment and hosiery industry through the establishment of specialized industrial parks.

WBHA's Role

WBHA president Vinod Kumar Gupta spoke about the pivotal role of the textiles sector as India's second-largest employment generator, trailing only agriculture. Gupta lauded the West Bengal Textile Incentive Scheme 2022, hailing it as a flagship policy that maximizes resource utilization, stimulates new employment, and widens operations, positioning the state as a prime investment destination in the textile sector.

The West Bengal government's focus on MSMEs and the textiles sector is expected to boost industrial growth and create employment opportunities in the state. With the upcoming investment in hosiery parks and the implementation of supportive policies, West Bengal is poised to attract investors and become a leading destination for textile manufacturing.