World-class industrial infrastructure would attract cutting edge technology, says Ministry
The Textile Ministry expects nearly Rs.70,000 crore investment and 20 lakhs employment generation under the PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks Scheme to develop world class infrastructure including plug and play facility with an outlay of Rs.4,445 crore for a period up-to 2027-28.
This roundup was given by Ministry on 21 Dec 2023 as it listed some of the key initiatives and achievements.
Parks will offer an opportunity to create an integrated textiles value chain right from spinning, weaving, processing, dyeing and printing to garment manufacturing at a single location.
World-class industrial infrastructure would attract cutting edge technology and boost FDI and local investment in the sector, said the Ministry, adding that Centre and State governments are to form SPVs for setting up PM MITRA Parks getting in investors under the Public and Private Participation (PPP) mode.
The Government has approved Rs.10,683 crore Production Linked Incentive (PLI) Scheme for Textiles over a five-year period to promote production of MMF Apparel, MMF Fabrics and products of Technical Textiles in the country to enable Textile sector to achieve size and scale and to become competitive.
The Scheme has two parts:
Part-1 envisages a minimum investment of Rs.300 crore and minimum turnover of Rs.600 crore per company;
Part-2 envisages a minimum investment of Rs.100 crore and minimum turnover of Rs.200 crore per company.
There will be two years of gestation period under the Scheme (FY: 2022-23 and FY. 2023- 24). The incentive will be provided to the companies under the scheme on achieving the threshold investment and threshold turnover and thereafter incremental turnover.
Sixty-four applicants were selected under the Scheme.
In the approved 64 applications, the total proposed investment would be Rs.19,798 crore, projected turnover would be Rs.1,93,926 crore and proposed employment generation would be 245,362.
As per Quarterly Review Reports (QRRs) as on 30 Sept 2023, the eligible investment made under the Scheme was Rs.2,119 crore of 30 selected applicants. Twelve of these selected applicants have started commercial production, achieved Rs.520 crore turnover including export of Rs.81 crore and generated employment for 8,214.
The Ministry has reopened the PLI portal for inviting fresh applications from interested companies under the scheme up to 31st December 2023.
The Government has launched a National Technical Textiles Mission (NTTM) with an outlay of Rs.1,480 crores for developing usage of technical textiles in various flagship missions, programmes of the country including strategic sectors.
The mission got its extension until 31 Mar 2026, with a subsequent sunset clause applicable until 31 Mar 2028.
Achievement as on date is 126 projects of value 371 crores have been approved in the category of Specialty fibers and Technical Textiles. Fiinews.com
