Textile policy for 2018-23 gets Cabinet nod

Why in the news ?

·         Maharashtra state Cabinet Tuesday gave its approval to the new textile policy for 2018-2023 with an aim to attract investment of Rs 36,000 crore in Maharashtra and generate 10 lakh employment.

More on news

• Sources in the government said some of the major aspects of the policy include reducing the power tariffs and increasing capital subsidy to 45 per cent for spinning mills.
• Officials from the state textile department said the policy takes forward the Make in Maharashtra concept to strengthen the cotton industry and silk business.
• It aims to reduce the regional imbalance in the state as higher concessions would be given for setting up units in Vidarbha, Marathwada and North Maharashtra region.
• Separate emphasis will be on cotton producing regions, which have reported large number of suicide by farmers, said an official.
• The policy intends to create infrastructure for textile cluster and garment parks.
• The policy has also suggested to prepare a proposal for setting up a textile university in the Vidarbha region.
• It has also proposed to give additional subsidy of 20 per cent for processing and garment units in Vidarbha, Marathwada and North Maharashtra.

Source

·         Indian Express