In its effort to attract more investments in the textile sector, as proposed under the state textile policy, the state government of western Indian state of Maharashtra has sanctioned a sum of Rs. 908.3 million for the textile industry, Finance Minister Ajit Pawar said while presenting the state's annual budget for 2012-13.
The Minister said the new textile policy contains proposals for additional interest subsidies for the projects selected under the Textiles Upgradation Fund Scheme (TUFS).
Besides, a sum of five billion rupees has also been apportioned for providing electricity to powerloom industry at subsidized rates, he added.
The state's budget for next fiscal sets aside a sum of Rs. 14.8 billion for industrial promotion subsidy (IPS) in Maharashtra. This amount, however, is lower than Rs. 24 billion worth of government's spending on IPS during 2011-12.
In his budget presentation, the Finance Minister assured the legislature that the state government would increase the allocation for IPS, if required.
He mentioned that the state's IPS scheme is the most lucrative, as it has succeeded in drawing investments worth Rs. 794.62 billion for 10 ongoing projects as well as 59 new mega projects in the state.
Fibre2fashion News Desk - India
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