scorecardresearch
Follow Us:
Monday, January 24, 2022

New textile policy attracting big investment: Minister

Minister Naseem Khan claimed on Monday the state had received 411 proposals,generating 29,200 jobs and involving an investment of Rs 3,834 crore,since it implemented a new textile policy in March this year.

Written by Express News Service | Mumbai |
Updated: April 17, 2014 5:01:22 pm

Minister Naseem Khan claimed on Monday the state had received 411 proposals,generating 29,200 jobs and involving an investment of Rs 3,834 crore,since it implemented a new textile policy in March this year.

Work has,however,started on only about 20 per cent of the proposals.

The policy lays emphasis on setting up processing units in cotton-producing areas,expansion of the industry and growth of employment. It promises 10 per cent subsidy on capital investment and an interest subsidy of 12.5 per cent to new textile units in Vidarbha,Marathwada and North Maharashtra. It estimates to attract an investment of Rs 40,000 crore by 2017 and create 11 lakh jobs in the sector in the next five years.

Khan said investors were responding positively and cotton-growers would get a good price.

Approvals are pending for 18 spinning mills in Nagpur,Amravati and Akola regions of Vidarbha which will bring investments of Rs 2,000 crore.

“Land has already been acquired by private parties,” Khan said.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest India News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
0 Comment(s) *
* The moderation of comments is automated and not cleared manually by indianexpress.com.
Advertisement
Advertisement
Advertisement
Advertisement