Maharashtra's Gem of an Investment: New Policy Targets Rs 1 Lakh Crore

The Maharashtra Cabinet approved a new gems and jewellery policy aiming to attract Rs 1 lakh crore investment and create five lakh jobs. This policy focuses on gold, silver, diamonds, and precious stones. Additionally, the textile sector will receive power subsidies, benefiting private spinning mills and powerloom operators.

The Maharashtra Cabinet has unveiled a groundbreaking gems and jewellery policy, projecting an ambitious Rs 1 lakh crore investment and the creation of five lakh employment opportunities. This strategic move targets the gold, silver, diamond, and precious stone sectors.

The Chief Minister Devendra Fadnavis's office announced that the policy's objective is to invigorate the state's lucrative gems and jewellery industry. Simultaneously, it acknowledged the textile sector by introducing a power subsidy of Rs 3 per unit for private spinning mills under the Integrated and Sustainable Textile Policy 2023-28.

Additionally, the supply of subsidies extends to spinning mills within industrial clusters, requiring powerloom operators to register on the textile commissioner's portal within six months to qualify for benefits. These initiatives aim to level the playing field and bolster Maharashtra's economic landscape.

(With inputs from agencies.)