Home / Knowledge / News / Textiles / Maharashtra's new textile policy attracts 1,331 projects
Maharashtra's new textile policy attracts 1,331 projects
05
Mar '14
The new textile policy, unveiled by the Maharashtra government about one-and-half years ago, has so far attracted 1,331 projects amounting to investment of Rs. 120 billion, state Textile Minister Mohammaded Arif (Naseem) Khan has said, reports Business Standard quoting PTI.
 
Few of the projects are already in the pipeline, Mr. Khan said at a press conference in Mumbai. He said that Rs. 510 million capital subsidy has been given to ten textile parks and another Rs. 160 million interest subsidy has been disbursed to 50 projects.
 
According to the Minister, the delinking of textile sector investment in the state from the Central Government’s Technology Upgradation Fund Scheme (TUFS) has helped the state receive Rs. 120 billion investment proposals despite global economic meltdown.
 
He was optimistic that the state would be able to cross the target of attracting Rs. 400 billion investment earlier than the five-year time period envisaged for the same.
 
Explaining the benefit of delinking the state textile policy from TUFS, the Minister said it helps investors as do not have to wait to receive the Unique Identification (UID) number, which is mandatory under TUFS, and they can directly submit their proposals to the state government.
 
Under the new textile policy, the Maharashtra state government provides 10 percent capital subsidy for projects coming up in the cotton growing regions of Marathwada, Vidarbha and North Maharashtra. There is also a provision to provide 7 percent interest subsidy for all new projects to be set up in the state, which includes spinning mills, ginneries, pressing and processing units and garment manufacturing units. A six percent interest subsidy is provided for technical textile and composite units.
 

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Creora

Textiles | On 28th Mar 2017

Hyosung holds Creora workshops in China, HK & Taiwan

South Korean specialty fibre producer Hyosung held a series of...

Apparel/Garments | On 28th Mar 2017

US withdrawal from TPP to not impact Vietnam garment exports

A high ranking official of the Vietnam Textile and Apparel...

Apparel/Garments | On 27th Mar 2017

NYCEDC announces $51mn package for NYC garment industry

New York City Economic Development Corporation (NYCEDC), in...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Kerem Durdag
Biovation II LLC

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Lynda Kelly
Suominen Corporation

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search