Maharashtra Cabinet approves new gems and jewellery policy, eyes Rs 1 lakh crore investment

Mumbai, Oct 7 (PTI) The Maharashtra Cabinet on Tuesday approved a new gems and jewellery policy that targets to attract Rs 1 lakh crore investment and create five lakh employment opportunities in the key sector.

The policy is aimed at boosting businesses related to gold and silver jewellery besides diamonds and precious stones, said a statement issued by the office of Chief Minister Devendra Fadnavis after the Cabinet meeting.

The policy has set a target of attracting Rs 1 lakh crore investment and creating five lakh new jobs in the segment, said the statement.

The textile sector also received a boost with the government deciding to offer Rs 3 per unit power subsidy to private spinning mills under the Integrated and Sustainable Textile Policy 2023-28, bringing them on par with cooperative mills, according to the CMO.

The subsidy will also be available to spinning mills operating within industrial clusters.

Additionally, powerloom operators will be required to register themselves on the textile commissioner's portal within six months of a government resolution to avail benefit of the subsidy, stated the statement. PTI MR RSY