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Maharashtra allocates Rs 1bn to textile sector
26
Mar '11
Identifying the prospects of employment generation in the textile sector, the Maharashtra state government has sanctioned a substantial amount of one billion rupees for the sector.

The government will also declare its textile policy shortly, which is likely to provide an impetus to the small and medium-scale businesses in the industry.

As revealed by the Finance Minister Ajit Pawar, "next to tourism, textile industry is the second largest employment generator in the state". Also that, the state contributes around 20 percent of the country's overall cotton output.

Thus, in order to retain a hold over the cotton processing industry, and prevent the gains from passing to other states, they have allocated such a massive sum for investment in the sector.

He further said that, counting on the past experiences of mass migration of projects to some of the adjacent states, the government intends to allocate around four billion rupees for subsidies and incentives for mega projects.

The Minister in his budget address said that, the mega project policy has meet with significant success over the last six years, and the state government intends to continue attracting considerable investments in the sector even in the coming years.

He said that, the allocation would enable them to provide incentives to the small, medium and large scale businesses in the state.

Fibre2fashion News Desk - India


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