India : Maharashtra extends subsidy for textile plant expansions

Home / Knowledge / News / Textiles / Maharashtra extends subsidy for textile plant expansions

Maharashtra extends subsidy for textile plant expansions

26
Feb '13

Subsidy schemes, which were so far available only for setting up of new textile plants, would now also be extended to existing textile plants to execute their expansion plans, Maharashtra Textiles Minister Naseem Khan has said.

The Minister made the announcement at the two-day Advantage Vidarbha (AV) meet, the biggest-ever effort by the government of the western Indian state of Maharashtra to market the backward Vidarbha region to the industry.

Mr. Khan said under the government’s new textile policy launched in March last year, subsidy was offered only to new units, which had to take approval from the Central Government to avail the state government’s subsidy.

The extension of the scheme, for which an official notification would be issued next week, to existing textile units for expanding production capacity and technology upgradation will attract more investment in the textile sector, he said.

On the first day of the meet, the state government signed 25 memoranda of understandings (MoUs) worth approximately Rs. 185 billion. Chief Minister Prithviraj Chavan said the government would do its best to convert the MoUs into actual investment.

Detailing the advantages of Vidarbha region, the Chief Minister said it has natural resources, quality human capital, unique location, ample land at industrial estates like Butibori, world-class infrastructure at Mihan and good connectivity with other regions.

Fibre2fashion News Desk - India

More Textiles News - India...