M’wada’s textile industry set to benefit from ambitious policy aimed at attracting Rs 25,000 crore investment

Maharashtra approves new textile policy; can boost technical textile sector in M’wada

VAIBHAV PARWAT

Chhatrapati Sambhajinagar: In a major development for the textile sector, the cabinet has approved the implementation of a new textile policy in Maharashtra. The policy focuses on the development of six 'Technical Textile Parks' across the state, presenting a significant opportunity for the textile industry in Chhatrapati Sambhajinagar district. However, the successful realization of this vision is contingent upon the crucial factor of political will.

Five F's and a promising investment climate

The newly approved textile policy is designed to attract a whopping investment of Rs 25,000 crores and is centered around the concept of the five F's: Farm to Fiber, to Factory, to Fashion and to foreign. This comprehensive approach aims to encompass the entire value chain from cotton to textiles, with a particular emphasis on fashion exports.

Promoting existing units, encouraging new projects

The policy includes provisions to encourage working textile units, extend capital investment support for new projects, and offer incentive grants specifically targeted at women entrepreneurs. Additionally, collective schemes will be implemented to facilitate the establishment of large-scale industries, ensuring a conducive environment for growth and development.

Reviving co-operative spinning mills

As part of the policy's initiatives, co-operative spinning mills will be provided with lease options to facilitate the rehabilitation of sick co-operative societies. Additionally, plans for the sale of additional land will be devised to help these mills overcome financial challenges. The policy also grants substantial government capital subsidies, ranging from 40 percent to 55 percent, to co-operative entities, Micro, Small and Medium Enterprises (MSMEs), large enterprises, and large projects. Furthermore, projects focusing on environmental sustainability, such as zero liquid discharge and recycling, will receive up to a 50 percent subsidy.

Maha-TUFS scheme support for garment manufacturers

Amit Sahu, a prominent garments manufacturer in Chhatrapati Sambhajinagar, expressed his appreciation for the inclusion of the 'Maha- Technology Upgradation Fund Scheme' (TUFS) initiative in the policy. This scheme, inspired by the Central government's successful TUFS scheme, provides support to manufacturers in the garment sector, particularly regarding the procurement of expensive machinery.

Technical textile parks to boost employment

The creation of technical textile parks through the new policy is expected to boost employment opportunities across Marathwada. Manoj Gedam, representing the loom holder association, sees new sector opportunities in Marathwada for the textile sector.