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Maharashtra’s new textile policy helped rekindle interest in textile sector

YarnsandFibers News Bureau 2015-01-25 12:00:00 – Mumbai

Maharashtra’s 2011 textile policy has been the main motivator as it offers capital and interest subsidy on the investment made by textile companies which renewed interest in textile sector. In the last two years the State has managed to get investments to the tune of Rs. 7,099 crore and has created employment potential for 45,953 persons.

The policy has managed to get 731 projects, out of which 10 big projects have brought in Rs. 2,426 crore investments. Another 477 projects with an investment ranging Rs. 10 and Rs. 50 crore have led Rs. 2,523 crore, while 22 project with investment between Rs. 50 and Rs. 100 crore have brought in Rs. 2,000 crore investment.

The State Government had announced a new textile policy in 2011 but only by early 2012, the process of formal notification was complete and it started getting attention from the companies.

A senior Maharashtra Government official from the Textile Department said that rather than the big projects, the Department has focused on small and medium projects, which has helped gained the huge investment in state. The State Government has provided subsidy on both capital and interest component, which has been a major attraction for textile companies.

Out 731 projects, 411 have been set up for weaving and powerloom, 58 for cotton ginning and processing and 64 for processing fibres and yarns.

Areas such backward districts such Parbhani, Hingoli and Washim will funnel further growth in the state and will be soon declared as textile zones.

According to official, in the textile sector for every Rs. 1 crore investments by the State Government, assets worth Rs. 10 crore have been created.

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