The Maharashtra Government has received 1,331 projects under the new textile policy with investment to the tune of Rs. 12,000 crores, the Textile Minister, Mr. Mohammed Arif Naseem Khan, has said.
Addressing a press conference in Mumbai, Mr. Khan said a few of the projects are already in the pipeline. There are 10 textile parks, and a capital subsidy of Rs. 51 crores has been given to them. Interest subsidy of Rs. 16 crores has been disbursed to 50 projects.
He said: “With the delinking of the Technology Upgradation Fund Scheme (TUFS) from the policy, we expect to meet the target of Rs. 40,000-crore investment sooner than the five-year time-frame. The State Government is satisfied that despite the global economic meltdown, in just 1½ years investment of Rs. 12,000 crores has come.”
With the delinking of TUFS from the State textile policy, investors won’t have to wait for the Unique Identification (UID) number. The State can receive direct proposals prior to getting the UID number which is mandatory under TUFS.
“Ten per cent capital subsidy will be given to cotton growing regions of Marathwada, Vidarbha and North Maharashtra and 7 per cent interest subsidy to the entire State for spinning mills, garmenting, ginning, pressing and processing units; six per cent for technical textile units and another six per cent for composite units. The State can get direct proposals without having to wait for the UID numbers,” the Minister added.