Union cabinet approves Rs10,683 crore PLI scheme for textiles
IANS 08 September 2021
The Union Cabinet on Wednesday approved the much-anticipated production linked incentive (PLI) scheme for the textiles sector.
 
Under the scheme incentives worth Rs 10,683 crore will be provided over five years.
 
According to the government, the move will especially positively impact states like Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana, Odisha among others.
 
The government expects investments of more than Rs 19,000 crore into the sector during the five-year period.
 
It is also expected to bring about additional production turnover of over Rs 3 lakh crore during the period and create employment opportunities of over 7.5 lakh people directly and several lakhs more for supporting activities, as per the government.
 
The government will give higher priority for investment in the aspirational districts and tier-3 cities.
 
Industry participants have lauded the decision of the government.
 
Apparel Export Promotion Council (AEPC) Chairman A. Sakthivel said that it will be a game changer for the Indian textile industry and will transform India's growth story.
 
Sakthivel said that the scheme will result in fresh investment of gigantic proportions, expand manufacturing capacities and enhance exports multifold.
 
"It will make India a key player in the global textile value chain with focus on high value MMF products. Besides, it will promote industrial development in backward regions of the country," he added.
 
The focus of the PLI scheme would be for the development of man-made fibre and technical fibre segments that are in high demand in advanced economies where India already has a big presence with its technical products.
 
Commerce and Industry Minister Piyush Goyal said that fabric and garments made from these fibres would be a focus of the scheme so that world class facilities are built in the country.
 
He also said that the government was also working on free trade agreements (FTAs) with advanced economies such as the UK, the US, EU that will help the country both ways to get requisition imports as well boost exports. FTA would also help the textile sector, the minister said, in getting a level playing field that faced unequal duties in some of these markets.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
Cairn To Accept $ 1 Billion Refund for Withdrawing Arbitration Cases against India
IANS 07 September 2021
British energy major Cairn expects to get $1.06 billion (Rs7,350 crore) as refund by the Government of India, following which the company will withdraw all its international arbitration award claims and cases.
 
Simon...
FADA Warns of a Lacklustre Festive Season for Dealers of Passenger Vehicles
Moneylife Digital Team 07 September 2021
Federation of Automobile Dealers Associations (FADA) has warned of a lacklustre festive season, especially for dealers of passenger vehicles (PVs), as inventory level continues to dip due to the non-availability of the fast-moving...
Vodafone Idea's financial stress to impact tower industry
IANS 07 September 2021
Vodafone Idea's severe financial crisis may result in higher impact on the tower industry.
 
An ICRA report said that Vodafone Idea Ltd (VIL) has been under financial stress as reflected by mounting losses and burgeoning...
Chip Shortage Affecting Passenger Vehicles More; Ownership Costs Up
Yogesh Sapkale, 06 September 2021
Due to the short supply of semi-conductor chips, auto-makers from across the globe are downsizing production. Many original equipment manufacturers (OEMs) like Mahindra & Mahindra Ltd (M&M), Maruti Suzuki India Ltd, MG Motor India...
Free Helpline
Legal Credit
Feedback