The textile sector in Maharashtra rejoiced after Chief Minister Devendra Fadnavis announced concessions of power tariff for the sector in the state.
The Rs 370 crore concessions in power tariff would help textile units create job opportunities in the state. Additionally, officials were directed to give interest and capital grants to the industry.
Apart from power tariff, the state government also directed to sell the land belonging to financially weak Maharashtra State Textile Corporation and asked to transfer process to the textile department.
The textile policy for the term 2018-2023 unveiled in February this year had provisions to reduce the power tariffs and increase the capital subsidy to 45 per cent for spinning mills.
Notably, Maharashtra has higher power tariff as compared to other states like Gujarat and Karnataka.
The textile policy is aimed to bring investments worth Rs. 36,000 crores to the state and create employment for around 10 lakh people in the state.
Last year, it announced to set up nine textile parks in the northern part of the state.