New Maharashtra textile policy to create 11 lakh jobs

29 Mar '12

2 min read

Maharashtra Economic Development Council with the Department of Textiles, Government of Maharashtra, organized a conference to announce the highlights and critical elements of the New Textile Policy of Maharashtra 2011 – 2017 recently at Taj Mahal Hotel. Honorable Minister of Textiles, Shri. Mohammed Arif (Naseem) Khan, announced the highlights of the New Textile Policy while Mr. Sunil Porwal, IAS, Principal Secretary – Textiles, Government of Maharashtra detailed out salient features.

The main objective of the policy is to lay special emphasis on raising processing units at various levels from cotton to manufacturing textiles for the assured long term development on priority basis in the cotton producing sectors, expansion of the textile industry and growth of employment in the State.

The aim of the policy is to attract a total investment of Rs. 40,000/- Crores in the sector for the purpose of adding value to 45 lakh surplus cotton bales produced in the State. It is proposed to create 11 lakh new jobs in the State in next five years in the sector.

Highlights of the New Textile Policy:

• Cooperative Spinning Mills in Vidharba / Marathwada and North Maharashtra will be given equity support as per the existing financial pattern (5 : 45 : 50) (Own Share Capital: Govt. Share capital: Loan)

• For modernization of power loom units of Scheduled Castes, Scheduled Tribes and Minorities, sanctioned by Banks, a scheme to give 10% capital subsidy of the capital investment [i.e. 10% of the permissible investment for the purpose of interest subsidy for projects which are approved in the Technology Upgradation Fund Scheme] on machinery, besides the concessions received from other sources, by such units will be framed in consultation with the concerned Departments.

• Interest subsidy on long term loan linked to centrally sponsored Technology Upgradation Fund Scheme will be started for New Textile project as well as modernization/expansion/rehabilitation project of existing textile units. In the respect orders will be issued separately.

• 10% capital subsidy scheme will be started for new textile projects in Vidarbha, Marathwada and North Maharashtra.

The conference was attended by Mr. A. B. Joshi, Textile Commissioner, Government of India, Mr. Vithal Kamat, President, Maharashtra Economic Development Council, Mr. R. K. Dalmia, Chairman, Century Textiles & Industries Ltd., Mr. Prem Malik, Vice Chairman, Confederation of Indian Textiles Industry, Mr. S. K. Saraf, Chairman, Technocraft Industries (India) Ltd. and Mr. Premal Udani, Managing Director, Kaytee Corporation Pvt. Ltd. among others.

Maharashtra Government

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