Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Textiles / Maharashtra's new textile policy to privatise cooperatives
Maharashtra's new textile policy to privatise cooperatives
20
Feb '18
Maharashtra
The state government in India’s western state of Maharashtra, under its new textile policy for 2018 to 2023, has decided to privatise spinning mills and powerloom societies operated at present on cooperative basis by changing the clauses for the use of land, provided they are ready to return to the government the equity, loan and interest thereupon.

The new policy aims at generating 10 lakh jobs in the next five years and doubling farmers’ income by 2022. It is also expected to attract investments worth Rs 36,000 crore.

If there is any change in the industrial use of the land, then an amount will have to be paid to the government as per the prevailing rules under the ‘one time exit policy, according to a news agency report.

A hundred and thirty six societies and mills in the state had sought funds in the form of a share capital, out of which 66 are running, while a few others are under installation, a few are into liquidation and three already closed.

The state government’s textile department funds cooperative cotton mills 45 per cent of share capital. Fifty per cent is needed to be raised in the open market whereas the rest is borne by the mill board.

The policy offers several benefits, including competitive power tariffs and increased capital subsidy for scheduled caste, scheduled tribe and minority categories, and emphasises on strengthening the knitting, garmenting and hosiery sector. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

SABIC signs MoU with PRC province for petrochem complex

Textiles | On 26th Sep 2018

SABIC signs MoU with PRC province for petrochem complex

The Saudi Basic Industries Corporation (SABIC) recently announced the ...

Courtesy: Industree Skill Transform

Textiles | On 26th Sep 2018

Industree helps weavers enhance design capabilities

Industree Skill Transform Pvt Ltd (ISTPL) is a skill development...

Courtesy: Pexels

Textiles | On 26th Sep 2018

Fitch raises growth forecast for India to 7.8% in 2018-19

Rating agency Fitch last week raised India’s growth forecast for...

Interviews View All

Nishank Patel, Shri Dinesh Mills Limited

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Md Hanifur Rahman, Aman Group

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Ajay Ghariwala, Luthra Group

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Maya Simova,

Maya Simova

Inter Expo and Congress Center (IEC) is a prominent exhibition centre in...

Karen Lou,

Karen Lou

Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Kevin Nelson, TissueGen

Kevin Nelson
TissueGen

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

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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

Leave your Comments


October 2018

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

news category


Related Categories:

Advanced Search