Existing textile policy extended by Maharashtra government

The 2018–23 policy sought to attract Rs 36,000 crore in investment while creating 10 lakh new jobs in the industry.

According to a notification released by the Maharashtra government on Monday, the state textile policy for 2018–2023 would continue to be in effect till the new one is approved.

Although the planned new textile policy is mentioned in the announcement, it is not specified how long the 2018–23 policy will remain in effect. The delay has angered a variety of textile industry stakeholders. They claimed to have voiced a number of objections to the existing course of action and advocated for changes, which will now have to wait.

The draft has been penned by the government. The Chief Minister and the Deputy CM were present when the draft policy was presented. It will be put on the cabinet’s agenda for approval. The policy will then take effect.

The topic of subsidies for the construction of new units, the expansion of existing ones and for electricity supply is expected to be addressed in the strategy.

Nearly half of the nation’s textiles are produced in Maharashtra. The 2018–23 policy sought to attract Rs 36,000 crore in investment while creating 10 lakh new jobs in the industry.

Additionally, the group was tasked with investigating the successes and shortcomings of the 2018–23 policy.

News source: Economic Times