Cabinet approves Rs 10,683 cr PLI scheme for textile sector
The Union Cabinet today approved a PLI Scheme for Textiles for MMF Apparel, MMF Fabrics & 10 segments/products of Technical Textiles with a budgetary outlay of Rs 10,683 crores over the next five years.
The scheme, part of 13 identified sectors, some of which have already been approved by the Union Cabinet, is expected to boost manufacturing activities, add jobs and help scale up textile exports.
This scheme focuses on production of man-made fibre and technical textiles and is crucial in achieving self-reliance in the sector, while cutting down imports.
“We hope that this decision will produce some global champions. The factories based around aspirational districts or Tier-3 & Tier-4 cities will be given priority. It will especially benefit Gujarat, UP, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana etc,”Piyush Goyal said in the press conference.
The government is hoping that incentives offered under the PLI scheme will create select group of world-class global champion companies in MMF and technical textile segments, which have the potential to grow, both in size and scale, using cutting-edge technology and thereby penetrating global value chains.
Source - The Economic Times
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