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Union Budget 2021: Centre unveils scheme for setting up mega textile parks in India – Business News , Firstpost


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

Finance Minister Nirmala Sitharaman, heart, with Minister of State for Finance and Corporate Affairs Anurag Thakur, second left, go away finance ministry for the parliament home to current annual federal funds, in New Delhi. AP

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.

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