Mumbai: The State government will announce a new textile policy at the Magnetic Maharashtra summit that begins on Sunday. Chief Minister Devendra Fadnavis said the policy will be for the 2018-2023 period, and will cover the spinning, weaving, processing, garmenting, knitting and ginning industries, among others. The announcement is expected to be made at the event by Prime Minister Narendra Modi.
Senior officers in the Chief Minister’s Office (CMO) said the policy will offer capital subsidy between 25% and 40% to the textile sector.
Additional capital subsidy of 10% will be given to industries taking green initiatives. Entrepreneurs interested in setting up shop in underdeveloped regions like Marathwada and Vidarbha will be given an additional 20% subsidy on capital investment. “The regional subsidy is being offered to maintain a balance of growth between rural and urban, developed and undeveloped areas of the State,” a CMO officer said.
Under the new textile policy, subsidised power will be available at ₹3 per unit for cooperative spinning units, while power looms with capacity below 200 horsepower can get electricity for ₹2 per unit, as will spinning mills. Subsidy given to power looms can be availed by other textile value chain units like processing, garment-making and knitting as well.
The government also plans to open textile research and development centres across the State. It has invited proposals from private parties to build and operate a textile university, for which it will provide land and bear the construction cost.
