Uttar Pradesh government led by chief minister Yogi Adityanath has given approval for the development of private textile parks in the state. The draft for the UP Textile, Handicrafts and Sericulture Policy 2017 has been approved by the state government. The investors seeking to buy 50 acres and above land for textile parks will be exempted from stamp duty.
“Our aim is to attract FDIs and private investors to boost the textile industry in Uttar Pradesh. Those who are willing to invest in this sector will be given tax and other sops. The government has already made provisions for the same in its draft policy,” Chief Minister told the media.
With aim to boost textile industry in the state, the officials will identify various locations for the development of textile parks on the expressways and national highways, including Lucknow-Kanpur, Kanpur-Allahabad, Chitrakoot-Jhansi-Lalitpur, Varanasi-Allahabad, Delhi-Meerut, Delhi-Moradabad, Bareilly-Moradabad-Bijnore, Meerut-Nazibabad, Gorakhpur-Varanasi and Gorakhpur-Faizabad.
Further, the government will also charge no interest on loans for purchase of land and construction of infrastructure such as staff quarters and hostels These are brands born online, and owned from design through distribution. The brands will be offered on Jet.com and possibly other Walmart brands in a variety of countries over time, and include Bonobos and recently-acquired ModCloth.
“We are seeing momentum in the business as we expand our value proposition with customers and it’s incredible to see how fast we are moving, adding innovators like Dunn will continue to help us shape the future of Walmart, and the future of retail. I am thrilled to welcome Dunn and the entire Bonobos team. They have created an amazing product and customer experience, and that will not change. In fact, Dunn will be a great influence on the company, especially in leading our collection of exclusive brands offered online”, said Lore.
The announcement comes at a time of growth and innovation in e-commerce for Walmart. In its most recent quarter, Walmart saw 63 per cent growth in US e-commerce sales, the majority coming from organic growth in Walmart.com. Walmart’s efforts in e-commerce are empowering customers with low prices, more choices and new levels of convenience. “We began Bonobos ten years ago to give men a completely different product and shopping experience: better fitting, higher quality clothing, in new and imaginative ways. That will always remain our mission,” Dunn said. “We are excited about applying all that we have learned to help shepherd in the next era of retail.”