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Budget 2021 unveils scheme for setting up mega textile parks in India

Budget 2021 unveils scheme for setting up mega textile parks in India

Odisha Expo by Odisha Expo
February 1, 2021
in India News
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The federal government on Monday unveiled a scheme for organising mega textile parks within the nation, as a part of the Centre’s efforts to place India as a completely built-in, globally aggressive manufacturing and exporting hub for the sector.


Finance Minister Nirmala Sitharaman made the announcement whereas presenting the Funds 2021-22 in Parliament.


“A scheme of mega funding textile parks will likely be launched along with the PLI scheme,” Sitharaman mentioned.


She knowledgeable that 7 mega textile parks will likely be launched in three years as a part of the scheme.


The mega textile parks may have built-in amenities and fast turnaround time for minimizing transportation losses, eyeing big-ticket investments within the sector.


The textile ministry had just lately mentioned a scheme and a Mega Built-in Textile Area and Attire (MITRA) Park, in over 1,000 acres of land with state-of-the-art infrastructure, frequent utilities and Analysis and Growth (R&D) lab, are into consideration.


To this point, 59 textile parks have been sanctioned beneath the scheme for built-in textile parks, out of which 22 have been accomplished.


The production-linked incentive (PLI) scheme, introduced earlier for 10 key sectors together with textile and cars, would assist India turn out to be self-reliant, enhance manufacturing and improve exports.


The federal government had accepted the PLI scheme for 10 sectors, taking the entire outlay for such incentives to almost Rs 2 lakh crore over a five-year interval.


The Indian textile sector is the sixth-largest exporter of textiles and apparels on this planet.

(Solely the headline and movie of this report could have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)

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