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Maharashtra textile sector gets Rs 100bn proposals
Jan '13
The new textile policy of Maharashtra is meeting great response and has already attracted investment proposals of Rs. 100 billion, Textiles Minister of the state Mohd. Arif Naseem Khan told PTI, Business Standard reported.
The Minister said most of the investment proposals have been received from investors from other states, who are interested in cashing on the several incentives extended by Maharashtra government under its new textile policy.
The Minister said the new policy is expected to attract investments worth Rs. 400 billion and generate around 1.1 million jobs in the textile processing sector.
He said besides other perks, the policy also offers 10 percent subsidy to units coming up in the cotton belt of Marathwada, Khandesh and Vidharbha, where several suicide cases of farmers have been reported in the last few years.
The idea is to boost local consumption of cotton by at least one million bales (1 bale = 170 kg) to three million bales a year, out of the nearly nine million bales of cotton harvested in Marathwada, Khandesh and Vidarbha regions.
The new investments are expected to result in an increased demand of cotton, which would help them avert any reoccurrence of suicide incidences in future, he said.
The Minister informed that the government has received 14 proposals for setting up spinning units with an investment of Rs. 6.66 billion and three composite spinning and weaving mills involving an investment of Rs. 7 billion in Vidarbha region.
He added that the investors are still in the process of finalizing project sites and other infrastructure facilities and it may take a couple of years for the new textile units to become operational. However, once operational, these units will generate around 7,000 new employment opportunities, he said.

Fibre2fashion News Desk - India

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