Rs.10,683cr PLI to boost textile manufacturing
India is looking at a fresh investment of Rs.19,000 crore (US$2.5 billion) in the textile sector, and becoming a preferred global partner for sourcing textiles.
Outlining the government initiatives for the industrty, the Textile Ministry’s Trade Advisor Jay Karan Singh said, “The aim is to attract fresh investment of Rs.19,000 crore and create an additional 7.5 lakh direct jobs in the textile sector in coming years.”
“The PLI Scheme will also aim to increase the turnover of the textile industry by a whopping Rs.3 trillion over the next five years,” he said.
Minister of State for Textile Darshana V Jardosh said, “The present-day Indian textiles not only reflect the glittering past but also cater to the demands of modern times. Indian textile industry is one of the largest in the world, with a large raw material base and manufacturing strength across the value chain.”
“To further improve the industrial ecosystem, scale, and integrated value chain, the textiles sector is a key sector that will help in building an ‘Aatma Nirbhar Bharat’ or Self-Reliant India,” she said at the launch of ‘Textile Week’ on 26 Nov 2021 at the Indian Pavilion in EXPO2020 Dubai.
The textiles sector contributes around 2-3% to Indian GDP, 7% to Industrial output, 12% to the export earnings of India, around 11-12% to total merchandize export and around 4.5 crore people are directly engaged with the textiles sector.
Addressing the gathering, Textile Ministry’s Additional Secretary Vijoy Kumar Singh added, “Despite a decline in total trade of textile & apparel sector during 2020-21, growth in textile and apparel trade reflected an encouraging trend in 2021-22 (April-Sept) with an increase of 69%, and the same stood at US$24 billion.”
“India has a huge potential to grow in the textiles and apparel sector. The focus is on skills up-gradation, financial assistance, and integrating the sector with the latest technology,” he pointed out.
The PLI scheme worth Rs.10,683 crore will help boost manufacturing, increase exports and attract investments into the sector, the Textile Ministry said.
India has also launched Mega Integrated Textile Region and Apparel Parks (PM MITRA) scheme with an outlay of Rs.4,445 crore to build 7 mega textile parks which will create a modern, integrated large-scale, world-class industrial infrastructure including plug ‘n’ play facilities.
The National Technical Textiles Mission Scheme, approved in February 2020 with a four-year implementation period from 2020-21 to 2023-24, is aimed at improving the penetration of technical textiles and strengthening India’s position as a global leader in technical textiles. #investment #manufacturing /fiinews.com
