The Maharashtra government Thursday effected changes in its textile policy which is expected to accelerate growth and expansion of the key industry.
The changes were approved by the state Cabinet at its meeting here.
State Cooperative, Marketing and Textile Minister Subhash Deshmukh said according to the changes, the order for the purchase of machinery has been given the option of taking long-term loan sanctioned or self-financed projects in the textile Policy 2011-17 or in the Textile Policy 2018-23.
“Maharashtra’s textile industry policy for year 2018- 23 has been announced considering the importance of textile industry.
“In this regard, directives have been issued to improve the apparel sector by banks and textile companies. Accordingly, it was decided to make four such significant improvements in this policy,” Deshmukh said.
He said if the existing textile project set up 10 per cent or more machinery (the book value of machinery) than the previous financial year, their investment will be considered as an extension and diversification or modernisation.
This extension or diversification, modernisation will be forward or backward (forward backwards), the textile minister added.