TN to provide 25% of the Rs.10,000cr park funding
India’s first Rs.10,000 crore PM Mega Integrated Textile Regions and Apparel (PM MITRA) Park is being established in Virudhunagar District of Tamil Nadu and under a Memorandum of Understanding signed by the Central and State Governments in Chennai on 22 Mar 2023.
Urging the Centre to support the state to become the textile hub of south Asia and help become US$1 trillion economy by the year 2030-2031, Tamil Nadu Chief Minister M K Stalin said his administration is ready to provide 25% of funding for the 1,052-acre park, being developed on a mission mode.
He also sought Rs.880 crore funding support from Central Government in New Delhi.
“Tamil Nadu government has been working with a view to ensure that Industrial development is widespread in all the districts, especially in the southern districts, giving priority to Industrial development,” he said.
Commerce, Industry and Textile Minister Piyush Goyal and Stalin signed a Memorandum of Understanding for setting up the park which is among the seven such proposals announced by the Centre recently.
The other six parks will come up in Telangana, Karnataka, Maharashtra, Gujarat, Madhya Pradesh and Uttar Pradesh under the Rs.4,445 crore PM MITRA scheme.
The parks will attract an estimated Rs.70,000 crore of domestic and foreign investment and create 20 lakh direct and indirect employment opportunities, said Goyal.
The parks are the need of the hour to attract large scale investments from across the world in the textile sector and will serve as a catalyst in achieving the textile export target of US$100 billion by 2030, says Sunil Patwari, Chairman, TEXPROCIL (The Cotton Textile Export Promotion Council).
With supply chains being realigned in the post–Covid era and changing geopolitical alignments reinforcing the “China plus one” policy, India has emerged as a beacon of economic stability attracting the attention of global investors.
The PM MITRA scheme will reassure the investors regarding the need for single window clearances and quick decision making, he underlined. fiinews.com
