

Metaverse
Govt eyes ₹95,000 crore investment, 2.25 million jobs in textiles – Crypto News
New Delhi: The textiles ministry hopes to attract investments worth ₹95,000 crore and the expected fund flow will create about 2.25 million new job opportunities in the next 4-6 years, according to a senior government official on Friday.
The ministry expects ₹25,000 crore investments under the Production Linked Incentive Scheme (PLI) and another ₹70,000 crore investment under the PM Mega Integrated Textile Regions and Apparel (PM-MITRA) park scheme in the next 4-6 years, textiles secretary Rachna Shah said during an interaction.
The PLI scheme in textile sector will create 250,000 new jobs and the expected fund flow in seven PM-MITRA parks will generate direct and indirect employment for 2 million persons, Shah added.
Presently, 64 companies have joined the PLI scheme and a few more are expected to join. “We have selected 64 companies under the PLI scheme, and they have started making their investments,” she said.
“Some of the companies have already achieved threshold investment,” the official cited above said, adding under PLI scheme may, total number of players may reach 70.
The PLI scheme for the textile sector is focused on man-made fibre (MMF) fabric, MMF apparel and technical textiles to boost large-scale manufacturing and enhance competitiveness. Launched in September 2021, the ₹10,683 crore PLI scheme for the textiles sector is expected to lead to a cumulative turnover of over ₹3 trillion.
With a total outlay of ₹1.95 trillion, the PLI scheme was announced in 2021 for 14 sectors, including telecom, white goods, textiles, pharma, medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery and drones.
The gestation period for textiles PLI is till March 2024 and then after performance evaluation will be done. The fiscal year 2024-25 will be the first performance year.
PM-MITRA parks refers to plug-and-play facility infrastructure for textile players created by the Centre and state governments to increase investment, promote innovation, create job opportunities and make India a global hub for textile manufacturing and exports.
Seven parks are slated for development in Virudhnagar (Tamil Nadu), Warangal (Telangana), Navsari (Gujarat), Kalaburagi (Karnataka), Dhar (Madhya Pradesh), Lucknow (Uttar Pradesh), and Amravati (Maharashtra). Prime Minister Narendra Modi laid the foundation for Navsari mega textile park on Thursday.
India is actively pursuing free trade agreements to step up its exports and boost domestic growth. The domestic apparel and textile industry contributes about 2.3% to the country’s GDP, 13% to industrial production, and 12% to exports.
India exports technical textiles, including medical apparel, amounting to $2.5 billion, and plans to increase exports to $10 billion in the next five years. The country’s market share in the global textiles and apparel trade was 4% in the 2021-22 financial year.
The country’s total export value in textiles reached $27.69 billion (April 2023-January 2024), which is less than the $29.41 billion in the corresponding period of 2022-23.
India is among the top global producers of cotton and jute, is the world’s second-largest silk producer, and 95% of the world’s hand-woven fabric is made here.
Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 23 Feb 2024, 06:14 PM IST
-
Blockchain6 days ago
Institutional Demand Surges As Ethereum Sets New Inflow Records – Crypto News
-
Blockchain5 days ago
DeFi Development Nears 1 Million Solana In Treasury – Crypto News
-
Business1 week ago
XLM Is More Bullish Than ETH, SOL, And XRP, Peter Brandt Declares – Crypto News
-
Cryptocurrency1 week ago
Anarchy, crime and stablecoins – Blockworks – Crypto News
-
Cryptocurrency1 week ago
Altseason heats up, but Bitcoin could face short-term pullback – How? – Crypto News
-
Cryptocurrency1 week ago
Bitcoin trades near $119K after new all-time high; Coinbase rebrands wallet to ‘Base App’ – Crypto News
-
Technology1 week ago
“Decentralized Ponzi Scheme”- Gold Bug Peter Schiff Slams Landmark Crypto Bills – Crypto News
-
Cryptocurrency1 week ago
California Sheriffs Believe 74-Year-Old’s Disappearance Linked to Son’s Crypto Fortune – Crypto News
-
Business6 days ago
Vitalik Buterin Approves Gas Limit Hike, Warns Against Risky Ethereum Scaling – Crypto News
-
Blockchain5 days ago
Strategy to keep STRC Fund Pegged to $100 – Crypto News
-
De-fi1 week ago
BNB Chain Teases New Blockchain with Privacy Features to Compete With Crypto Exchanges – Crypto News
-
Technology1 week ago
Breaking: GENIUS Act Becomes First Major Crypto Legislation as Trump Signs Bill – Crypto News
-
De-fi1 week ago
Crypto Market Cap Hits $4 Trillion Milestone as US House Passes Landmark Bills – Crypto News
-
Cryptocurrency1 week ago
Shytoshi Kusama Breaks Silence on New SHIB AI Whitepaper and Transformed Future – Crypto News
-
Cryptocurrency7 days ago
Sanctum acquires Ironforge, plots transaction infrastructure vertical – Crypto News
-
Cryptocurrency6 days ago
XRP Price Hits All-Time High at $3.66 — Can It Smash Through $4 After Trump Win & SEC Shake-Up? – Crypto News
-
Blockchain6 days ago
How to Use Google Gemini to Turn Crypto News Into Trade Signals – Crypto News
-
others6 days ago
EUR/CHF rises on speculation of SNB intervention, but EU–US trade risks cap gains – Crypto News
-
Technology5 days ago
Grab up to 43% off on best selling premium laptops from Apple, Asus and more – Crypto News
-
Cryptocurrency1 week ago
Russia’s $85 Billion Sberbank to Launch Crypto Custody Services – Crypto News
-
Technology1 week ago
Europe’s answer to ChatGPT? Mistral adds voice and research features to Le Chat AI – Crypto News
-
De-fi1 week ago
U.S. House Passes Clarity, GENIUS, and Anti-CBDC Acts With Historic Bipartisan Support for Crypto – Crypto News
-
Technology1 week ago
Malicious code found in fake coding extensions used to steal crypto – Crypto News
-
Cryptocurrency1 week ago
XRP Price Spikes to Record Highs As Momentum Signals Extended Gains – Crypto News
-
Technology1 week ago
Meta’s AI Studio: Red flag or red herring? – Crypto News
-
Blockchain1 week ago
Why Bitcoin self-custody is declining in the ETF era – Crypto News
-
Cryptocurrency1 week ago
US House passes three key crypto bills; market reaction muted as Bitcoin dips – Crypto News
-
De-fi1 week ago
Crypto Market Cap Hits $4 Trillion Milestone as US House Passes Landmark Bills – Crypto News
-
others1 week ago
Streaming Service Handing $3,400,000 To Current and Former Customers To Settle Illegal Data Harvesting Allegations – Crypto News
-
Cryptocurrency1 week ago
Arthur Hayes-linked wallet bags $2M worth of AAVE and LDO in an OTC deal – Crypto News
-
others7 days ago
Why Is The Crypto Market Rising Today? – Crypto News
-
others6 days ago
Breaking: Polymarket Reenters US Market With Exchange Acquisition As Probe Ends – Crypto News
-
Blockchain6 days ago
To The Moon? Justin Sun To Be Launched Into Space After $28M Bid – Crypto News
-
others6 days ago
Venture Capital Firms Launch $360,000,000 Crypto Treasury Company Focused on Arthur Hayes-Backed Ethena (ENA) – Crypto News
-
Cryptocurrency5 days ago
Ethereum Shatters Inflow Records, Pulls in $2.12 Billion in a Week – Crypto News
-
Cryptocurrency5 days ago
Solana Clinches 5-Month High, Where to From Here? – Crypto News
-
Technology5 days ago
BitOrigin Begins $500M Dogecoin Treasury With 40.5M Buy, Analysts Predict Fresh Bull Cycle – Crypto News
-
Blockchain5 days ago
XRP Could Skyrocket 500% Against Bitcoin, Analyst Warns – Crypto News
-
Blockchain5 days ago
Crypto Needs Minimum Viable Decentralization – Crypto News
-
Blockchain1 week ago
Nasdaq Exchange Files SEC Form to List Staking Ethereum ETF – Crypto News
-
Cryptocurrency1 week ago
Ethereum price surges 6% to $2,800 as shorts suffer amid $500M crypto liquidation – Crypto News
-
Technology1 week ago
OnePlus Pad 3 with Snapdragon 8 Elite SoC makes its India debut, set to go on first sale in September – Crypto News
-
Cryptocurrency1 week ago
Friday charts: Fiscal dominance and super intelligence – Crypto News
-
De-fi1 week ago
Trump’s Crypto Assets Now Comprise a Key Part of Family Fortune Worth Billions – Crypto News
-
Business1 week ago
Pi Coin Price Technical Analysis Confirms Buy Signal Despite 2M Exchange Inflows – Crypto News
-
Technology1 week ago
Not Google or Bing! This search engine lets you block AI images in search results – Crypto News
-
Cryptocurrency1 week ago
GENIUS Act Is The Catalyst For XRP And RLUSD’s Dominance, Expert Declares – Crypto News
-
De-fi7 days ago
Nasdaq Files to Add Staking to BlackRock’s ETH ETF – Crypto News
-
Cryptocurrency7 days ago
Bitcoin Darknet Giant Abacus Vanishes – Crypto News
-
Business6 days ago
Expert Predicts XRP Price to Hit $45 as XRP Ledger Activity Soars and SWIFT Volume Declines – Crypto News