Parks will enhance competitiveness of Indian textile industry
Citing the potential of Rs.70,000 crore investments, the Government has announced sites for setting up 7 PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks for the Textile industry in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh and Maharashtra.
The Parks are a major step forward in realising the Government’s vision of making India a global hub for textile manufacturing and exports.
It is expected that these parks will enhance the competitiveness of the textiles industry by helping it achieve economies of scale as well as attract global players to manufacture in India, Textile Ministry said on 17 Mar 2023.
These 7 sites were chosen out of 18 proposals for PM MITRA Parks which were received from 13 States. Eligible States and sites were evaluated using a transparent Challenge Method based on objective criteria taking into account a variety of factors such as connectivity, existing ecosystem, textile/industry policy, infrastructure, utility services etc.
PM Gati Shakti-National Master Plan for Multi-modal Connectivity was also used for validation.
The Parks will help in creating world-class industrial infrastructure that would attract large scale investment including foreign direct investment (FDI) and encourage innovation and job creation within the sector.
The Textile Ministry will oversee the execution of these projects.
An SPV owned by Centre and State Government will be set up for each park which will oversee the implementation of the project.
The Ministry will provide financial support in the form of Development Capital Support up to Rs.500 crore per park to the Park SPV.
A Competitive Incentive Support (CIS) up to Rs.300 crore per park to the units in PM MITRA Park will also be provided to incentivise speedy implementation.
Convergence with other Government schemes shall also be facilitated in order to ensure additional incentives to the Master Developer and investor units.
The State governments will provide contiguous and encumbrance-free land parcel of at least 1,000 acres of land and will also facilitate provision of all utilities, Reliable Power Supply and Water availability and Waste Water Disposal system, an effective single window clearance as well as a conducive and stable industrial-textile policy.
PM MITRA Parks represent a unique model where the Centre and State Governments will work together to increase investment, promote innovation, create job opportunities and ultimately make India a global hub for textile manufacturing and exports, said the Ministry. fiinews.com
