Mumbai, February 9 The Maharashtra government has formed a committee to formulate proposals for establishing a venture capital fund for the textile sector, linking the initiative to the state's goal of becoming a USD 1 trillion economy and the implementation of its textile policy. A government resolution (GR) issued on Monday stated that the state textile minister will be the 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 senior officials from the 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, it added. "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 employment generation," the resolution said. The textile sector plays a crucial role in Maharashtra's industrial growth and employment, and targeted risk capital is necessary to promote innovation, modernization, and value addition under the state textile policy, while contributing to long-term economic expansion aligned with the one trillion dollar economy roadmap, it said. The committee 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 maximize impact, officials said. It will also recommend safeguards, incentives, and timelines for the effective utilization of funds and submit its report to the government for further action, they added. The state has already announced its textile policy for the period of 2023-28 with a goal of attracting investment worth Rs 25,000 crore and generating five lakh jobs.
Venture Capital Fund Proposed to Support Maharashtra's Textile Growth
Mumbai, February 9 The Maharashtra government has formed a committee to formulate proposals for establishing a venture capital fund for the textile sector, linking the initiative to the state's goal of becoming a USD 1 trillion economy and the implementation of its textile policy. A government resolution (GR) issued on Monday stated that the state textile minister will be the 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 senior officials from the 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, it added. "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 employment generation," the resolution said. The textile sector plays a crucial role in Maharashtra's industrial growth and employment, and targeted risk capital is necessary to promote innovation, modernization, and value addition under the state textile policy, while contributing to long-term economic expansion aligned with the one trillion dollar economy roadmap, it said. The committee 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 maximize impact, officials said. It will also recommend safeguards, incentives, and timelines for the effective utilization of funds and submit its report to the government for further action, they added. The state has already announced its textile policy for the period of 2023-28 with a goal of attracting investment worth Rs 25,000 crore and generating five lakh jobs.