Maharashtra Cabinet ton Wednesday cleared a textile policy which will bring in an estimated investment of about Rs 40,000 crore. The policy is also likely to create employment opportunity for nearly 11 lakh people.The new policy provides for 12.5 percent interest subsidy and 10 percent capital subsidy for new cooperative and private sector textile units in cotton growing belts of Vidarbha, Marathwada and North Maharashtra and 10.5 interest subsidy for rest of Maharashtra. Speaking to reporters in Mumbai, Maharashtra’s Textile Minister Mohammed Arif Naseem Khan said that the policy aims to develop the cotton growing belt and welfare of the farmers in the region. The policy also proposes insurance, housing and medical health scheme for handloom and powerloom workers.