Maharashtra Cabinet Clears New Gems and Jewellery Policy; Targets ₹1 lakh Crore Investment

The Maharashtra Cabinet on Tuesday cleared a new policy for the gems and jewellery sector. As per the news reports, the plan sets a target of attracting ₹1 lakh crore in investments and creating 5 lakh jobs.

The policy covers activities related to gold, silver, diamonds, and other precious stones. As per the news reports, a statement from the Chief Minister’s Office said the decision was taken during the Cabinet meeting.

Measures for the Textile Sector 

As per the news reports, apart from jewellery, the Cabinet also announced steps for the textile sector. Private spinning mills will now receive a subsidy of ₹3 per unit of power under the Integrated and Sustainable Textile Policy 2023-28.

This subsidy will put private spinning mills on the same footing as cooperative spinning mills, which already benefit from lower power tariffs.

The subsidy will also apply to spinning mills operating within industrial clusters. The Cabinet confirmed that these mills would be included in the scheme.

Powerloom Registration

To access the subsidy, powerloom operators must register on the textile commissioner’s portal. The deadline for registration is 6 months from the date of the government resolution.

The Cabinet’s decisions covered 2 industries. The jewellery policy is aimed at attracting investment and jobs, while the textile announcement extends cost support to mills.

Read More: Tax Authorities Tighten Scrutiny on Property Deals to Curb Benami Transactions and Fake PAN Misuse!

Conclusion

The approvals signal state-level measures for gems and jewellery and for textiles. Investment and employment targets have been set for one sector, while power subsidies have been extended in the other.

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