To achieve the desired success in the Scheme for Integrated Textile Park (SITP), government of India provides financial assistance to a group of entrepreneurs to establish state-of-the-art infrastructure facilities in a cluster for setting up their textile units, conforming to international environmental and social standards and thereby mobilize private investment in the textile sector and generate fresh employment opportunities.
Under SITP, industry associations, group of entrepreneurs and agencies of the state governments are main promoters of the Integrated Textile Parks (ITPs). Special Purpose Vehicles (SPVs) are formed by the representatives of the local industry, financial institutions, state industrial and infrastructural corporations, and other agencies of state and central governments. The SPVs shall invariably be a corporate body registered under the Companies Act. The textile parks under various stages of implementations are reviewed by the PAC time to time.
Image source: indiafilings.com
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