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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