New textile policy is bearing results: Min

Maharashtra's new textile policy has attracted investment of about Rs1,200 crore in a fortnight, textile minister Arif Naseem Khan has said.

Maharashtra's new textile policy has attracted investment of about Rs1,200 crore in a fortnight, textile minister Arif Naseem Khan has said.

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Khan told a media conference on Monday that five companies have shown interest in setting up units in the Vidarbha and Marathwada regions where the state would provide special incentives like capital and interest subsidy.

According to the minister, five companies had given letters of interest to the textile department. These are Oswal Spinning (for Nagpur), Etco (for Parbhani), AEGAL (for Nanded), Ginni (site undecided), and Pravin (site undecided).

Khan had announced the new policy late last month.

The minister said that there were other investors who could be unknown to the department because they did not need to take any permission from the textile department. "Under the new textile policy, investors don't need to visit the Mantralaya for clearances. They can approach the banks to get their loans approved and then claim government subsidy through banks."

Other than these projects, 14 textile parks would come up under the Centre's independent schemes. "In this scheme, the Centre and state together give 49% capital subsidy to the companies that are ready to invest at least Rs700 crore," Khan said.