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

Textiles | On 22nd Jun 2017

Zund unveils cradle feeder roll-feed system for fabrics

Zund Systemtechnik AG, Switzerland’s textile machinery firm that...

Textiles | On 22nd Jun 2017

Hpfabrics opening production facility in Forsyth County

Hpfabrics, manufacturer of raw fabrics, is opening a new production...

Courtesy: Napapijri

Apparel/Garments | On 22nd Jun 2017

Napapijri's Superlight Parka is free of fur and down

Napapijri has introduced the new Superlight Parka, a new lightweight...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Robert Brunner
Devereux

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

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search