Home / Knowledge / News / Textiles / Maharashtra textile sector gets Rs 100bn proposals
Maharashtra textile sector gets Rs 100bn proposals
17
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

Must ReadView All

Textiles | On 9th Dec 2016

ACIMIT signs MoU with Pakistan textile bodies

In a bid to strengthen the trading in garments and textiles between...

Textiles | On 9th Dec 2016

‘Less demand may make it hard to achieve export target’

The $48 billion target for textiles and garment exports for 2016-17...

Textiles | On 9th Dec 2016

GST Council may decrease tax rates in future: CBEC

The goods and services tax (GST) Council might reduce the proposed...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search