Patna, May 27 (KNN) The state cabinet of Bihar has approved the industrial promotion policy for textile and leather industries on Thursday through various forms of subsidies.

Those setting up textile and leather or related units will get capital investment subsidy up to Rs 10 crore and power at Rs 2 per unit under the Bihar Industrial Investment Promotion Policy (Textiles and Leather) Policy, said State industries minister Syed Shahnawaz Hussain.

Due to the labour intensive nature of the textile and leather industries, a provision of employment generation subsidy of up to Rs 5,000 per month per worker has been set up by the government, he added.

In view of other subsidies under the policy, the state government has decided to provide interest subsidy of up to 10 per cent on loan, and a skill development subsidy of Rs 20,000 per employee per year will be provided to all eligible units apart from 100 per cent reimbursement on stamp duty/registration, and land conversion.

The minister further said that this policy is not only a gift to the people of Bihar, who are progressing rapidly but is going to prove a game-changer for the state. (KNN Bureau)