In a bid to invigorate the state's textile industry, the Maharashtra government has taken a significant step by announcing the establishment of a new corporation, the Maharashtra State Textile Development Corporation (MSTDC). The initiative is modeled after the Maharashtra Industrial Development Corporation (MIDC) and aims to consolidate efforts for fostering the growth of the textile sector in the state.

The formation of MSTDC involves the merger of three existing textile corporations within the state—Maharashtra State Handloom Corporation, Maharashtra State Powerloom Corporation Ltd, and Maharashtra State Textile Corporation. This amalgamation is poised to create a unified entity that streamlines resources and initiatives to provide a conducive environment for sustainable growth in the textile industry.

To facilitate the establishment of MSTDC, a committee has been instituted to draft the necessary legislation. The committee comprises principal secretaries from the textiles, finance, planning, industries, and law & judiciary departments, along with other relevant officials. The envisioned corporation is expected to play a pivotal role in implementing the state's Integrated and Sustainable Textile Industry Policy 2023-28, which received cabinet approval in May of the previous year.

The new textile policy is strategically designed to attract substantial investments, with a target of Rs 25,000 crore in the sector. Focused on enhancing the state's cotton production industry, the policy envisions the merger of the Textile Commissionerate and the Silk Directorate to form the Textile and Silk Commissionerate. At the regional level, this office will be known as the Regional Deputy Commissioner – Textile and Silk.

Under the policy, the government is also set to establish six technical textile parks across the state. Additionally, the Maharashtra Technical Textiles Mission will be launched to drive "aggressive growth" in the sector.

An official statement outlined the statutory establishment of MSTDC, drawing parallels with the MIDC's formation under the Maharashtra State Industrial Development Act, 1961. The Maharashtra State Textile Development Act will be enacted to provide the legal framework for MSTDC, ensuring the consolidation of existing corporations, transfer of assets, and adherence to government directives.

This strategic move by the Maharashtra government underscores its commitment to creating an ecosystem conducive to the sustainable development of the textile industry, promoting investments, and fostering innovation in the sector.