Mumbai: Maharashtra government on Wednesday unveiled a new textile policy that aims to attract an investment of Rs 40,000 crore by 2017 in the key sector.
The main objective of the policy is to lay special emphasis on setting up processing units in the cotton producing sectors, expansion of the textile industry and growth of employment, an official release said in Mumbai.
It proposed to attract an investment of Rs 40,000 crore by 2017 and create 11 lakh new jobs in the sector in the next five years, it said.
A key highlight of the policy is that cooperative spinning mills in Vidharba, Marathwada and North Maharashtra will be given equity support in the ratio of own share capital (5): Government share capital (45): loan (50), it said.
A 10 per cent capital subsidy scheme will be started for new textile projects in Vidarbha, Marathwada and North Maharashtra.
Interest subsidy on long-term loan linked to centrally sponsored Technology Upgradation Fund Scheme will be started for new projects. Modernisation or expansion of existing textile units will be undertaken, it added.
source: IBN LIVE