India’s textile sector is expected to attract Rs. 95,000 crore investments in the next four to six years on account of the production-linked incentive (PLI) scheme and the proposed seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks and generate over 2.25 million additional jobs, a senior official said.
“While the seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks are expected to attract Rs. 70,000 crore in four-six years with 20 lakh direct and indirect employments, the PLI scheme is likely to attract investments worth Rs. 25,000 crore with 2.5 lakh additional jobs,” Textiles Secretary Rachna Shah said on Friday.
According to Shah, twelve more PLI applications are being considered, while 64 PLI ideas have already been accepted. She also stated that shortly after the gestation period ends on 31st March 2024, the performance of the units will be assessed.
The plan states that the Government will begin offering incentives in 2025–2026. The scheme paper said that, “In case of fast-paced investment, the incentive may be payable in 2024-25 itself when threshold investment and threshold turnover is achieved by 2023-24.”
Man-made fibre (MMF) fabric, MMF clothing, and technical textiles are the main targets of the PLI initiative for the textile industry in order to increase large-scale manufacturing and strengthen competitiveness. The Rs. 10,683 crore PLI scheme for the textile industry was introduced in September 2021 and is anticipated to generate a total turnover of more than Rs. 3 lakh crore.
The Rs. 4,445 crore PM MITRA parks’ goal is to develop a cutting-edge, integrated, massive, world-class industrial ecosystem that will support job growth and draw in investments. Each park is expected to draw Rs. 10,000 crore in investment from both domestic and foreign sources.
According to Shah, the Government is implementing a number of policy initiatives to help the textile sector grow from its present US $ 154 billion to US $ 350 billion by 2030.
