Maharashtra approves textile policy for 2018-23

Maharashtra approves textile policy for 2018-23

The Maharashtra cabinet has approved a new textile policy for 2018-2023 to attract investment of Rs 36,000 crore and generate 10 lakh jobs. Reducing power tariff and raising capital subsidy for spinning mills are two key aspects of the policy, which takes forward the ‘Make in Maharashtra’ idea to strengthen the cotton industry and silk business.

The Maharashtra cabinet has approved a new textile policy for 2018-2023 to attract investment of Rs 36,000 crore and generate 10 lakh jobs. Reducing power tariff and raising capital subsidy for spinning mills are two key aspects of the policy, which takes forward the ‘Make in Maharashtra’ idea to strengthen the cotton industry and silk business.

Higher concessions for setting up units in Vidarbha, Marathwada and north Maharashtra region is aimed at reducing regional imbalance in the State and cotton producing regions, which have reported a large number of farmer suicides, also have been emphasised. Infrastructure will be created for textile cluster and garment parks, as per the policy, which also suggests setting up of a textile university in the Vidarbha region.

Spinning mills in Maharashtra have been incurring losses due to higher power tariffs compared to other states. Therefore, the mills will be encouraged to set up solar power plants for their own use.

Capital subsidy has been increased substantially for processing units, spinning mills, and modernisation of power looms. It proposes to give 45 per cent capital subsidy for processing units, and 25 per cent for spinning mills and modernisation of power looms. An additional subsidy of 20 per cent for processing and garment units in Vidarbha, Marathwada and north Maharashtra has also been proposed.

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