Govt eyes ₹95,000 crore investment, 2.25 million jobs in textiles – Crypto News – Crypto News
Connect with us
Govt eyes ₹95,000 crore investment, 2.25 million jobs in textiles Govt eyes ₹95,000 crore investment, 2.25 million jobs in textiles

Metaverse

Govt eyes ₹95,000 crore investment, 2.25 million jobs in textiles – Crypto News

Published

1 year ago

on

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!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here.
Download The Mint News App to get Daily Market Updates.

More
Less

Published: 23 Feb 2024, 06:14 PM IST

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending