Maharashtra, one of the leading textile and apparel manufacturing states with hubs like Bhiwandi, Ichalkaranji and Solapur, has some good news for the industry!
The State Government has started disbursing power subsidy of up to Rs. 3.77 per unit to powerlooms, spinning mills and apparel manufacturing units in the state.
Madhvi Khode Chaware, Commissioner of Textiles, Maharashtra confirmed this and said that the release of funds would certainly benefit the textile and garment units in the state.
It is imperative to note here that the State Government has announced Rs. 3 per unit of power subsidy for cooperative spinning mills and Rs. 2 per unit for large knitting, apparel and hosiery units in the state.
Notably, a budget provision of Rs. 150 crore has been done for the same.
Struggling on the costing and working capital, this step will help textile industry a lot as power expenditure is one of major issues for them.
Many other states are also offering lucrative policies regarding the price of electricity. Like other states, majority of textile units in Maharashtra are also SMEs and any support from the Government matters a lot to them.