Maharashtra aims for investment boost, consolidation in textile sector

The Maharashtra government has decided to establish a new corporation by merging three textile corporations. In line with the Maharashtra Industrial Development Corporation (MIDC), the proposed Maharashtra State Textile Development Corporation (MSTDC) will be set up under the state's new Integrated and Sustainable Textile Industry Policy 2023-28, approved by the state cabinet in May 2023. The new textile policy aims to attract investment of ₹25,000 crore in the sector in the near future and boost investment in the state's cotton production industry. 

MSTDC will be established following the merger of three existing textile corporations of the state – Maharashtra State Handloom Corporation, Maharashtra State Powerloom Corporation Ltd, and Maharashtra State Textile Corporation. A committee of secretaries from textiles, finance, planning, industries, and law and judiciary will prepare a draft for the law to establish MSTDC. It is aimed at developing a sustainable and fertile environment for the textile industry's growth. The MSTDC will be statutorily set up on the lines of MIDC as announced in the Integrated and Sustainable Textile Policy 2023-28. 

According to the new policy, the Textile Commissionerate and the Silk Directorate will also merge to form the Textile and Silk Commissionerate, and the office at the regional level will be known as the Regional Deputy Commissioner – Textile and Silk. The state government also aims to establish six technical textile parks across the state under the new policy. The Maharashtra Technical Textiles Mission will also be undertaken to ensure the rapid growth of the sector. 

Fibre2Fashion News Desk (KUL)