April 20, 2024
Industry

Maharashtra To Set Up State Textile Development Corporation

The Maharashtra government has decided to set up a new department on the lines of Maharashtra Industrial Development Corporation (MIDC) to provide a boost to the state’s textile industry.

“The department named Maharashtra State Textile Development Corporation (MSTDC) will be set up after the merger of three existing textile corporations of the state,” a government resolution said.

The corporations to be merged include Maharashtra State Handloom Corporation, Maharashtra State Powerloom Corporation Ltd and Maharashtra State Textile Corporation.

The Maharashtra government has formed a committee to prepare a draft law to set up MSTDC, under the Integrated and Sustainable Textile Industry Policy 2023-28.

The new textile industrial policy aims to attract investment of over Rs 25,000 crore while boosting investment in the state’s cotton industry.

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