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Maharashtra's new textile policy to privatise cooperatives
Feb '18
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

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