“Advantage Vidarbha”, an initiative by Maharashtra Government in February this year to invite and attract potential investors into this backward region of Maharashtra has started paying dividends with some big companies like Raymond looking at setting up a new unit in Vidarbha. The company was allotted 25 acres of land in June for the purpose in Yavatmal district where the company already has a major presence. The expansion plan of Raymond may involve infusion of fresh capital in the range of Rs. 300-400 crore by the company.
Vidarbha is expected to get a much-needed boost with a fresh investment of Rs. 3,000 crore likely in textile sector through 26 projects. These new ventures have a potential to generate 3,500 new jobs. The state textile ministry had announced a new policy around two years ago in which an additional 10 per cent subsidy is given to investors coming to cotton growing regions of Vidarbha and Marathwada.
