The state also plans to set up 10 new mega textile hubs and new garment park at Solapur and Nagpur.
The Maharashtra government, which has already announced 14 textile parks in the state, on Sunday invited businessmen to invest in the sector.
"We seek investment in textile parks in a big way. We have already announced 14 textile parks and one mega textile cluster in major cotton growing region in the state," Maharashtra Chief Minister Devendra Fadnavis said on the sidelines of Make in India (MII) Week here.
The state also plans to set up 10 new mega textile hubs and new garment park at Solapur and Nagpur.
Fadnavis assured the industry with more policy support and ease of doing business.
"Global economic slowdown has given us an opportunity to increase our market share in the world market at 5% as compared to over 30% of China. We need to do everything in coming years," Fadnavis added.
According to the CM, Maharashtra continued to remain an industrial powerhouse.
"The state contributed 15% to the national GDP, has the highest exports, and highest FDI inflows. With Make in India, (the) Make in Maharashtra initiative has also started," he said.
The state's textile industry is the largest employer and it has the largest area of around 41.92% under cultivation for cotton.
Out of 18,709 industrial projects approved from August 1991 to October 2014, 10.6 per cent belongs to textile sector, only next to chemical and fertiliser sector.
The state has 78 lakh bales cotton production capacity and 25 lakh bales are processed to manufacture yarn.
Meanwhile, on ease of doing business, Fadnavis said Maharashtra has brought down the number of permissions required for setting up an industry drastically.
To revive the textiles sector, the state government has introduced a scheme under which up to 30% of capital subsidy is granted for self financing.
Capital subsidy was allowed only for those projects that were financed by banks.
"Allowing capital subsidy only on banks' financed projects mean we are encouraging mills to take loan from banks. For the first time we are encouraging investors with self financing. The government might resolve the stressed assets issue temporarily," said Sunil Porwal, Additional Chief Secretary (Textiles), Maharashtra.
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