The Ministry of Textiles (MoT) has decided to extend the date of inviting fresh applications under the PLI scheme of Textiles for MMF apparel, MMF fabrics and products of technical textiles for a further 2 months. The companies can apply up to 31st October 2023.
Earlier, the Ministry decided to re-open the PLI portal till 31st August 2023 for inviting fresh applications from interested companies under the scheme.
As per an official statement, the decision was taken in view of the requests from the industry stakeholders.
Last year, 64 applications were approved under the scheme, which has a total budget of Rs. 19,798 crore.
In part 1 of the PLI schemes, the minimum investment required is Rs. 300 crore and the minimum turnover required to be achieved for the incentive is Rs. 600 crore while in part 2, the minimum investment should be Rs. 100 crore and the minimum turnover is Rs. 200 crore.
As per reports, PLI 2.0 for the textile sector is being considered as the Ministry has an unutilised budget of about Rs. 4,000 crore and bedspreads, and textile trims like zipper, buttons etc.