Indian textile minister Piyush Goyal has reportedly signed the proposal for the production-linked incentive (PLI) scheme for the textile sector which has been finalised. The scheme, expected to offer incentives of around ₹7,000 crore for man-made fibre (MMF) apparel and around ₹4,000 crore for technical textiles, is aimed at reviving the sector.
The scheme would soon be taken up by the cabinet for approval, a leading Indian news magazine reported.Indian textile minister Piyush Goyal has reportedly signed the proposal for the production-linked incentive (PLI) scheme for the textile sector which has been finalised. The scheme, expected to offer incentives of around ₹7,000 crore for man-made fibre (MMF) apparel and around ₹4,000 crore for technical textiles, is aimed at reviving the sector.#
The scheme aims at boosting Indian textile manufacturing and increase exports. The government had announced an outlay of ₹1.97 lakh crore for PLI schemes for 13 sectors in the union budget for fiscal 2021-22.
The scheme is expected to cover around 40 MMF apparel product categories and around 10 in the technical textile category. An incentive of 3 to 11 per cent of the incremental revenues' year-on-year for five years may be provided to existing as well as proposed investments in the sector.
Guruprasad Mohapatra, secretary of the department of promotion of industry and internal trade (DPIIT), had told the 44th India-Japan Business Cooperation Committee Meeting in March this year that India looks forward to Japan participating in the PLI scheme for 13 key sectors.
Fibre2Fashion News Desk (DS)
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