The state cabinet had in February 2018 approved the textile policy for 2018-2023 to attract investment of ₹36,000 crore and generate 10 lakh jobs. Reducing power tariff and raising capital subsidy for spinning mills are two key aspects of the present policy.
India’s Maharashtra is expected to extend the state’s current textile policy by three months, according to state minister for textile industry Chandrakant Dada Patil, who recently said in Mumbai that a committee of 30 stakeholders had suggested the extension. He inaugurated the Clothing Manufacturers Association of India’s 76th National Garment Fair there.
Higher concessions for setting up units in Vidarbha, Marathwada and north Maharashtra region in the existing policy was aimed at reducing regional imbalance in the state and cotton producing regions, which had then reported a large number of farmer suicides.
Fibre2Fashion News Desk (DS)