Maharashtra targets textile growth through investment and consolidation

Maharashtra targets textile growth through investment and consolidation

The state aims to create a conducive environment for growth, fostering economic resilience and sustainability within the textile industry.

After unveiling a new textile policy, Maharashtra is actively pursuing measures to attract an investment of Rs 25,000 crore. Efforts are underway to streamline textile-related entities by merging the Textile Commissionerate and the Silk Directorate into a unified body.

The Maharashtra government has resolved to create a new corporation through the amalgamation of three existing textile corporations – Maharashtra State Handloom Corporation, Maharashtra State Powerloom Corporation, and Maharashtra State Textile Corporation. Under the state’s recently approved Integrated and Sustainable Textile Industry Policy 2023-28, the proposed Maharashtra State Textile Development Corporation (MSTDC) will be established, aligning with the Maharashtra Industrial Development Corporation (MIDC).

The primary objective of the new textile policy is to attract substantial investments, aiming for Rs 25,000 crore in the sector, particularly focusing on boosting the state’s cotton production industry.

The MSTDC formation, governed by a draft law prepared by a committee of secretaries, intends to create a conducive and fertile environment for the growth of the textile industry. The statutory setup of MSTDC will mirror the structure of MIDC, as outlined in the Integrated and Sustainable Textile Policy 2023-28.

Additionally, the new policy entails the merger of the Textile Commissionerate and the Silk Directorate to establish the Textile and Silk Commissionerate. Regionally, offices will be designated as Regional Deputy Commissioner – Textile and Silk. The state government’s broader vision includes the establishment of six technical textile parks and the initiation of the Maharashtra Technical Textiles Mission to expedite the sector’s growth.

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