Maharashtra government has unveiled a new textile policy for 2018-2023 to overcome certain short measures. The new policy looks at reducing power tariff and raising capital subsidy for spinning mills. Power tariff is one of the reason where mill owners are migrating to state which provide cheaper power. The policy also looks to strengthen the cotton industry and silk business. It provides higher concessions for setting up units in backward regions like Vidarbha, Marathwada and north Maharashtra region. The policy also provide for creation of textile cluster and garment parks, textile university in the Vidarbha region. Capital subsidy has been increased substantially for processing units, spinning mills, and modernisation of power looms. It proposes to give 45 per cent capital subsidy for processing units, and 25 per cent for spinning mills and modernisation of power looms. The new policy is expected to garner investment of Rs. 36000 crores.
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