To boost the textile manufacturing and generate employment in the country, the Union government is likely approve a scheme to set up seven textile parks. The textile ministry will setup seven mega investment textile parks (MITRA) on over acres in the next three years, according to sources. This move will help to position India as a fully in integrated, globally competitive manufacturing and exporting hub for the textile sector.
Announced in Budget 2021, these mega textile parks will have integrated facilities and quick turnaround time for minimising transportation losses. It will also help India to attract big-ticket investments in the sector. States will have to ensure road connectivity and power availability for the parks. The MITRA parks will play a crucial role to bring foreign direct investment (FDI) in the textile sector.
Union Cabinet earlier approved a Rs 10,683-crore production-linked incentive (PLI) scheme for man-made fibre segment (MMF) apparel, MMF fabrics and ten products of technical textiles for five years. This will boost domestic manufacturing and exports.
The scheme aimed to attract fresh investment of Rs 19,000 crore in the sector for production of in-demand textiles, and additional turnover of Rs 3 lakh crore over five years. This was part of a larger PLI scheme for 13 sectors, with a total budgetary outlay of 1.97 lakh crore.
The scheme would directly benefit the states of Gujarat, Uttar Pradesh, Maharashtra, Punjab, Tamil Nadu, Andhra Pradesh, Telangana and Odisha, as these were states where the textile sector is already growing, Union commerce and textiles minister Piyush Goyal said while unveiling the scheme last month.
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Source: News18