Maharashtra Govt. approves new textile policy
The State Government of Maharashtra has announced a new textile policy for the term 20182023. The new policy emphasises on minimising the regional imbalance and promote cotton producing areas. A provision for a higher concession rate for those interested in establishing units in Vidarbha, Marathwada and North Maharashtra regions has also been made. The newly approved policy is aimed to bring investments worth Rs. 36,000 crore to the state and is expected to create employment for around 10 lakh people.
The textile policy also has provision to reduce the power tariffs and increase the capital subsidy to 45 per cent for spinning mills, claimed report citing sources. Notably, Maharashtra has higher power tariff as compared to other states such as neighbouring Gujarat and Karnataka. “A proposal has been made to reduce power tariffs for spinning mills,” states Maharashtra Textile Minister Subhash Deshmukh. The new policy will also offer a 20 per cent additional subsidy to processing and garment units in Vidarbha, Marathwada and North Maharashtra. Infrastructural development for textile cluster and garment parks will be the major focus area for the Government under the new policy. It will also implement various schemes worth Rs. 4,649 crore for the industry. A proposal to set up a textile Government to consider yarn for free movement without the e-way bill in the state. It’s not only Surat, the textile industry across the university in the Vidarbha region has also been suggested in the policy. Furthermore, in order to get solar energy fully utilised by the spinning mills, the Government is also planning to encourage spinning mills to establish solar power plants on their land.
The textile policy also has provision to reduce the power tariffs and increase the capital subsidy to 45 per cent for spinning mills.
nation too has been struggling to cope with GST issues. Various units faced the closure post-GST implementation in July last year.