Maharashtra's new textile policy attracts Rs 38bn

23 Oct '12

2 min read

The new textile policy announced by the Government of Maharashtra earlier this year has so far attracted about Rs. 38.34 billion in investments, state Textile Minister Arif Nassem Khan has said.

Speaking to reporters after reviewing the policy implementation process, the Minister said the new investments in the textile sector would create employment opportunities for nearly 30,000 people in the cotton-growing regions of Marathwada, Vidarbha and North Maharashtra.

Under the new textile policy announced in March 2012 by the state government, new textile units that are approved and set up in the cotton growing regions would get a 10 percent subsidy on capital investment.

The aim of the new textile policy is to attract Rs. 400 billion in investments during 2012-17 and thereby generate 1.1 million new employment opportunities.

So far, 411 proposals for setting up textile units in the state have been cleared, while another 18 proposals for setting up spinning mills in Nagpur, Akola and Amravati regions are awaiting approval, the Minister said.

He said the new textile policy is a ‘zero-window policy’, where projects are not to be cleared by the government, but by the banks. Any company that manages to get its loan sanctioned under the Central Government’s Technology Upgradation Fund Scheme (TUFS) would automatically become eligible for subsidy under the new textile policy, he added.

Fibre2fashion News Desk - India

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