The Union Cabinet today approved Production Linked Scheme (PLI) for man-made fibre segment and technical textiles with a financial outlay of Rs. 10,683 crore over five years to boost domestic manufacturing and exports from the textile sector.
The Ministry of Textiles (MoT) would now come up with detailed guidelines of the scheme for these sectors.
The Government is expecting investment of Rs. 19,000 crore in textile industry during the next 5 years and will have addition production turnover of Rs. 3 lakh crore. Around 7.5 lakh people are expected to get direct employment through this initiative.
Addressing a press conference, Piyush Goyal, Minister of Commerce & Industry, Textiles said that the scheme is mainly for two kinds of categories on the base of investment of Rs. 100 crore and Rs. 300 crore.
Similarly, the companies having units near Tier-3 or Tier-4 cities and number of job creation will get the priority in this scheme.
The Minister further added the purpose is to promote complete value chain as well as fabric production and processing industry.
He also said that the scheme will benefit textile-dominated states like Uttar Pradesh, Gujarat, Maharashtra, Tamil Nadu, Punjab, Telangana and Odisha as well as the states emerging in textile industry.
Besides, he spoke about the efforts that are in full swing regarding FTAs with EU and few other countries. PM also insisted to speed up these efforts.
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