You can also see Indian Minister of Commerce and Industry Piyush Goyal (right) and Textile Minister Darushana Jardosh speaking at a press conference in New Delhi on September 8. c: PIB
The Product Linked Incentive (PLI) scheme, approved today by the Government of India, will help Indian companies emerge as global champions and create jobs of over Rs 75,000, Piyush Goyal said. This scheme provides the country’s textile industry with a global market and opens up new jobs.
“The textile PLI scheme promotes the production of high value MMF fabrics, garments and technical textiles in the country. The incentive structure is designed to encourage the industry to invest in new capabilities in these segments. This will greatly drive growth. The cotton and other natural textile-based textile industries complement efforts to create new opportunities for employment and trade, resulting in India’s historic global textile trade. A high-value MMF segment that will help regain a dominant position. ” The Cabinet approved the plan.
The PLI scheme is also applicable to the technical textile segment, Goyal said, a new era that can be applied in several sectors of the economy, including infrastructure, water, health and sanitation, defense, security, automotive and aviation. Said that it is a textile. Etc. Improve the efficiency of these economic sectors.
“The government has also launched a national technology textile mission in the past to facilitate R & D efforts in that area. PLI will further assist in attracting investment in this segment,” Goyal said. Added.
Explaining the scheme, Goyal said there are two types of investments possible with different sets of incentive structures. Willing to invest at least 30 billion rupees in plants, machinery, equipment and civil engineering work (excluding land and managed construction costs) to manufacture products (MMF fabrics, garments) and technical products on the notified line. Person (including company / company) textiles are eligible to apply for participation in the first part of the scheme.
In the second part of the scheme, anyone (including company / company) willing to invest at least 10 billion rupees is eligible to apply for participation. In addition, investment in ambitious districts, Tier 3 and Tier 4 towns, and rural areas is prioritized, which encourages the industry to move to underdeveloped areas. “This plan will have a positive impact, especially on states such as Gujarat, UP, Maharashtra, Tamil Nadu, Punjab, AP, Telangana and Orissa,” Goyal said.
In five years, the textile PLI scheme has led to over 19,000 new investments, achieved cumulative sales of over 3 rack chlores under this scheme, has over 7.5 racks of jobs in this sector and is active. There are a few more racks to help.
At a news conference, Minister Goyal said the Government of India is also focusing on signing free trade agreements (FTAs) with Western countries to maximize the country’s export potential. “Unlike previous FTAs, the government led by Prime Minister Narendra Modi will only consider and sign agreements that give India a unique advantage,” he said.
Fiber2Fashion News Desk (RKS)
Indian Textiles to Regain Global Domination with PLI Push: Piyush Goyal
Source link Indian Textiles to Regain Global Domination with PLI Push: Piyush Goyal