Indian govt selects 61 applicants under PLI scheme for textiles

Addressing the media in a press conference, Singh said that in the 61 applications approved the proposed total investment expected from the applicants is ₹19,077 crore and a projected turnover is ₹184,917 crore over a period of 5 years with a proposed direct employment of 240,134.

The scheme has two parts, Part 1 where minimum investment is ₹300 crore and minimum turnover required to be achieved for incentive is ₹600 crore; and Part-2, where minimum investment is of ₹100 crore and minimum turnover required to be achieved for incentive is ₹200 crore.

Government approved PLI Scheme for textiles products, namely MMF apparel, MMF fabrics and products of technical textiles, for enhancing India’s manufacturing capabilities and enhancing exports with an approved financial outlay of ₹10,683 crore over a five-year period. To further boost the growth of the sector, centre also removed the import duty of cotton.

Stating that although India was the largest producer of cotton, Singh said that it was necessary to make a mark in man-made fibres as well if India has to achieve the textile export target of $100 billion by 2030.

Elaborating on the immense scope and potential of technical textiles, Singh said that sectors such as geotextiles need much more encouragement to improve use, demand and penetration and intensive research and development activities.

Fibre2Fashion News Desk (KD)