The authorities unveiled the scheme as a part of an effort to place India as a completely built-in, globally aggressive manufacturing and exporting hub for the sector
New Delhi: The authorities on Monday unveiled a scheme for setting up mega textile parks in the nation, as a part of the Centre’s efforts to place India as a completely built-in, globally aggressive manufacturing and exporting hub for the sector.
Finance Minister Nirmala Sitharaman made the announcement whereas presenting the Budget 2021-22 in Parliament.
“A scheme of mega-investment textile parks will be launched in addition to the PLI scheme,” Sitharaman mentioned.
She knowledgeable that 7 mega textile parks shall be launched in three years as a part of the scheme.
The mega textile parks could have built-in amenities and fast turnaround time for minimizing transportation losses, eyeing massive-ticket investments in the sector.
The textile ministry had not too long ago mentioned a scheme and a Mega Integrated Textile Region and Apparel (MITRA) Park, in over 1,000 acres of land with state-of-the-artwork infrastructure, frequent utilities and Research and Development (R&D) lab, are into consideration.
So far, 59 textile parks have been sanctioned beneath the scheme for built-in textile parks, out of which 22 have been accomplished.
The manufacturing-linked incentive (PLI) scheme, introduced earlier for 10 key sectors together with textile and vehicles, would assist India change into self-reliant, increase manufacturing and improve exports.
The authorities had authorised the PLI scheme for 10 sectors, taking the overall outlay for such incentives to almost Rs 2 lakh crore over a 5-12 months interval.
The Indian textile sector is the sixth-largest exporter of textiles and apparels in the world.
Find newest and upcoming tech devices on-line on Tech2 Gadgets. Get know-how information, devices opinions & scores. Popular devices together with laptop computer, pill and cellular specs, options, costs, comparability.