“The response is very good but implementation of the new textile policy will naturally take some time”, said a top official of the Maharashtra Textiles Ministry.
“The policy is just announced. It will take time for the projects to get finalized”, informed Mr Sunil Porwal, Principal Secretary in the Textiles Ministry of state of Maharashtra.
Mr Porwal was responding to queries from fibre2fashion, regarding the response to the recently announced new textile policy announced by Maharashtra.
The Maharashtra government had recently announced a new textile policy, which aims to attract Rs 400 billion in investment and generate 1.1 million new jobs over the next five years.
Mr Porwal added, “It requires time to get projects approved from banks and since the industry is not going through a good time, banks are reluctant to give loans”.
The other main objective of the policy was to set up a farm to industry cotton value-chain, in order to rejuvenate the cotton regions in the state.
The new policy envisages setting up of textile units in the cotton growing regions of Vidarbha, Marathawada and northern Maharashtra.