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The Maharashtra cabinet on Tuesday approved the new textile industry policy — which officials said was aimed at attracting investment of Rs 25,000 crore in the sector in the near future — in a bid to boost investment in the state’s cotton production industry.

According to the policy, there will be an increase in the cotton processing capacity in the state from 30-80 per cent in the next five years, and will likely attract investment of Rs 25,000 crore and generate employment up to 5 lakh.

Officials said that 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 authorities aim to establish six technical textile parks across the state under the policy, said officials, adding that the Maharashtra Technical Textiles Mission will also be undertaken to ensure “aggressive growth” of the sector. The Technical Textiles sector is undergoing a paradigm shift in technology, leading to faster and more efficient systems. To promote research and development in these emerging technologies, a fund of Rs 50 crore will be earmarked every year, they added.

The Maharashtra State Textile Development Corporation (MSTDC) — a statutory corporation — will be created through a functional merger of the existing three corporations to develop a sustainable and fertile environment for the growth of the state’s textile industry.

The state will also implement an integrated plan for the development of the silk industry. To promote the sector, the government is set to prepare a scheme with detailed guidelines to provide one free saree to every family below the poverty line every year, it added.