Ministry to have dedicated Invest India desk to assist and handhold investors
Textile Minister Piyush Goyal has assured that the Government will handhold investors while calling on the industry to collaborate and partner for Research and Development (R&D) and innovation to jointly achieve greater strides in the sector.
Chairing an Industry Interaction on ‘Investment Opportunities in the Textiles Industry under PM MITRA Scheme’ in New Delhi on 20 June 2023, he suggested setting up a dedicated Invest India desk in the Ministry to assist and handhold investors looking to set up or expand their manufacturing base to meet increasing global demand for their products.
He noted the industry’s enthusiasm to set up and expand businesses in the upcoming Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) Parks.
Goyal also praised the exemplary initiatives taken by the 7 state Governments, — Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Telangana, Tamil Nadu and Uttar Pradesh, in providing a thriving ecosystem for textiles manufacturing.
The Minister further encouraged the industry to take benefit from the existing attractive schemes of the Ministry of Textiles, including the National Technical Textiles Mission and Scheme for Capacity Building In Textile Sector (Samarth).
Secretary, Ministry of Textiles, Rachna Shah and senior officials from the Ministry and State Government of the 7 shortlisted states under the PM MITRA scheme held wide-ranging discussions with the industry stakeholders.
Textile industry strengths of the respective State was showcased during the interaction with a special focus on infrastructure & connectivity, scheme benefits & incentives and basic utilities provided besides initiatives for an industry friendly ecosystem to attract investments in the upcoming PM MITRA parks.
More than 80 prominent textiles companies along with infrastructure developers, banks and international organizations such as the United Nations Industrial Development Organization (UNIDO) attended an exclusive industry interaction session chaired by Goyal.
The Minister emphasized the need for phase-by-phase development of these parks for efficient utilization of resources and better integration of the textile value chain. It was suggested that two 5 member Action Teams be set up to study ESG norms and model park design in line with global leading practices for upcoming units in the PM MITRA parks.
The session offered a unique platform for the Ministry and the 7 selected State governments to deliberate together with the industry on various aspects related to PM MITRA scheme and pave the future roadmap for this scheme.
PM MITRA scheme will offer the opportunity to create an Integrated Textiles Value Chain right from spinning, weaving, processing/dyeing, and printing to garment manufacturing at one location and will reduce logistics cost of Industry.
PM MITRA scheme will help India in attracting investments, boosting employment generation, and position itself strongly in the global textile market, said the Ministry.
It is expected to generate around 1 lakh direct and 2 lakh indirect employment per park, spreading over 1,000 acres each and attracting proposed investments of around Rs.70,000 crore.
The PM Mitra Parks will be developed in Public Private Partnership mode through a Special Purpose Vehicle jointly owned by the Central and State Governments.
The Central Government will provide development capital assistance of Rs.500 crores to each Greenfield PM MITRA Park for the development of common basic infrastructure besides Rs.300 crores per park as an incentive for investors on a first come, first serve basis. Fiinews.com
