Investment worth Rs3,834 crore received in textile sector

Maharashtra government said today that investment worth Rs3,834 crore have been received in the textile sector, generating employment to 29,220 people in the cotton-growing belt of Vidarbha, Marathwada and North Maharashtra.

State textile minister Mohammed Arif Naseem Khan told reporters that since the new policy was announced in March 2012, 411 proposals have been cleared and Rs3,834 crore have been invested.

The new textile policy called for giving 10% capital subsidy on capital investment to new textile units approved and set up in Vidarbha, Marathwada and North Maharashtra, under the textile policy of 2011-2017.

The textile policy target is to achieve Rs 40,000 crore investment and generate employment for 11 lakh people.

"Approvals are pending for 18 spinning mills in Nagpur, Amravati and Akola regions of Vidarbha which will bring investments worth Rs2,000 crore. Land has already been accquired by the concerned private parties," he informed.

Khan said investors are responding positively to the state's textile policy. Similarly, cotton growers will get good price for their yield.