Mumbai: The state govt has constituted a committee to frame proposals for setting up a venture capital fund for the textile sector, linking the initiative to Maharashtra’s goal of becoming a $1-trillion economy and the implementation of its textile policy.A govt resolution (GR) issued on Monday said the state textile minister will be chairperson of the nine-member committee, while the assistant commissioner (technical) of the textile department from Nagpur will be the member-secretary. The other members will be secretary-level officials from textile, skill development and entrepreneurship, finance and planning departments, among others. Kanishk Maheshwary, managing director of Primus Partners Pvt Ltd, will be the only member from the private sector, said the GR. “The panel has been tasked with studying the structure, size and operational framework of a dedicated venture capital fund to support textile enterprises, especially startups and micro, small and medium units, in line with policy measures aimed at strengthening manufacturing, exports and job generation,” it said. The textile sector plays a crucial role in Maharashtra’s industrial growth and employment and targeted risk capital is necessary to promote innovation, modernisation and value addition under the state textile policy, while contributing to long-term economic expansion aligned with the $1-trillion vision, said the GR. The panel will examine best practices, assess funding needs across the textile value chain, and suggest ways to leverage private investment, financial institutions and central schemes to maximise impact, officials said. It will also recommend safeguards, incentives and timelines for effective utilisation of funds and submit its report to govt for further action, they said. The state’s 2023-28 textile policy has a goal of attracting investment of Rs 25,000 crore and generating 5 lakh jobs. PTI
