Govt expecting ₹95,000 crore investment and 2.25 million Jobs in Textile Industry
NEW DELHI : India’s textile sector is expected to attract ₹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 ₹70,000 crore in four-six years with 20 lakh direct and indirect employments, the PLI scheme is likely to attract investments worth ₹25,000 crore with 2.5 lakh additional jobs,” textiles secretary Rachna Shah said on Friday.
Shah said 64 PLI proposals have been already approved and 12 more applications are under evaluation. The performance of units will be evaluated soon after the gestation period is over on March 31, 2024, she added.
According to the scheme, the government will start giving incentives from 2025-26. “In case of fast-paced investment when threshold investment and threshold turnover is achieved by 2023-24, the incentive may be payable in 2024-25 itself,” the scheme document said.
The PLI scheme for the textile sector is focused on man-made fibre (MMF) fabric, MMF apparel and technical textiles to boost large-scale manufacturing and enhance competitiveness. Launched in September 2021, the ₹10,683 crore PLI scheme for the textile sector is expected to result in a cumulative turnover of over ₹3 lakh crore. It is part of the ₹1.97 lakh crore PLI schemes for 14 sectors including automobile, pharmaceuticals, telecom, steel, white goods and solar modules.
The other scheme — the ₹4,445 crore PM MITRA parks — was notified by the government in October 2021. The parks are aimed at creating a modern, integrated large-scale, world-class industrial ecosystem that will help in attracting investments and boosting employment, she said. The seven sites are Virudhnagar in Tamil Nadu, Warangal in Telangana, Navsari in Gujarat, Kalaburagi in Karnataka, Dhar in Madhya Pradesh, Lucknow in Uttar Pradesh, and Amravati Maharashtra. It is estimated that each park will attract investment worth ₹10,000 crore from both foreign and domestic investors.