Mysore :Kodagu MP said that the proposed Rs 200 crore textile park in Mysore, announced in the budget on Thursday, will create 10,000 jobs and help in the economic development, besides attracting huge investments and infrastructure development in the Mysore region.

He hailed the announcement of Finance Minister Arun Jaitley. The the textile park which is to be developed under the special purpose vehicle (SPV) scheme 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 per cent or Rs 20 crore, whichever is the minimum amount of subsidy to them, 50 per cent 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.