In a significant move to invigorate the state’s textile sector, the Maharashtra government has decided to establish a new corporation dedicated to the industry, modeled after the Maharashtra Industrial Development Corporation (MIDC). This initiative, named Maharashtra State Textile Development Corporation (MSTDC), will be formed through the amalgamation of three existing textile corporations within the state – Maharashtra State Handloom Corporation, Maharashtra State Powerloom Corporation Ltd, and Maharashtra State Textile Corporation.
A committee has been constituted by the government, comprising principal secretaries from the textiles, finance, planning, industries, and law & judiciary departments, alongside other officials. This committee will be responsible for drafting the legislation required for the establishment of MSTDC. The primary objective is to create a conducive and fertile environment conducive to the sustainable growth of the textile industry.
Under the state’s new Integrated and Sustainable Textile Industry Policy 2023-28, approved by the cabinet in May of the previous year, MSTDC will be operationalized. The policy is designed to attract investments totaling Rs 25,000 crore into the sector, with a particular emphasis on boosting the state’s cotton production industry.
According to the new policy, the Textile Commissionerate and the Silk Directorate will be amalgamated to form the Textile and Silk Commissionerate, with regional offices designated as Regional Deputy Commissioner – Textile and Silk. Additionally, six technical textile parks will be established across the state, and the Maharashtra Technical Textiles Mission will be launched to facilitate the “aggressive growth” of the sector.
“The MSTDC will be statutorily set up 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, with the transfer of all assets from existing corporations. Payments will be restructured in line with government directives. Similar to MIDC established under the Maharashtra State Industrial Development Act, 1961, the Maharashtra State Textile Development Act will be enacted,” explained an official source.
