In order to give the state’s textile industry a boost, the Maharashtra government has decided to set up a new corporation for the textile industry on the lines of Maharashtra Industrial Development Corporation (MIDC).
The corporation will be called Maharashtra State Textile Development Corporation (MSTDC) which will be set up after the merger of three existing textile corporations of the state – Maharashtra State Handloom Corporation, Maharashtra State Powerloom Corporation Ltd and Maharashtra State Textile Corporation – into the MSTDC.
The government has formed a committee to prepare a draft for the law to set up MSTDC, which is aimed at developing a sustainable and fertile environment for the textile industry’s growth.
Principal Secretaries of the textiles, finance, planning, industries and law & judiciary departments and other officials are part of the committee that will prepare a draft to enact the law.
According to the officials, the MSTDC will be setup under the state’s new Integrated and Sustainable Textile Industry Policy 2023-28, which was approved by the state cabinet in May last year. The new textile policy is aimed to attract investment of Rs 25,000 cr in the sector in the near future and boost investment in the state’s cotton production industry.
As per the new policy, the Textile Commissionerate and the Silk Directorate will be merged to form the Textile and Silk Commissionerate, and the office at the regional level will be known as the Regional Deputy Commissioner – Textile and Silk.
The government also aims to establish six technical textile parks across the state under the new policy and Maharashtra Technical Textiles Mission will also be undertaken to ensure “aggressive growth” of the sector.
“The MSTDC will be statutorily setup on the lines of MIDC as announced in the Integrated and Sustainable Textile Policy 2023-28. All the corporations under the department of textiles will be merged into the MSTDC and all the assets of the existing corporations will be transferred to the MSTDC and all payments will be restructured as per the government directives. MIDC has been established under the Maharashtra State Industrial Development Act, 1961. On a similar line, the Maharashtra State Textile Development Act will be setup by law,” the official said.
