Maharashtra gets 1,331 new textile projects worth Rs 12,000 cr

Maharashtra government has received 1,331 projects under the new textile policy with investment to the tune of Rs 12,000 crore, Textile Minister Mohammed Arif Naseem Khan said.
Addressing a press conference here today, Khan said few of the projects are in the pipeline. There are ten textile parks and Rs 51 crore capital subsidy has been given for them and Rs 16 crore interest subsidy has been disbursed to 50 projects.
"With the delinking of 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 global economic meltdown, in one and half years, investment of Rs 12,000 crore has come," the Minister said.
With the delinking of TUFS from the state textile policy, he said investors will not 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," he added.