PLI boost for textiles
The Cabinet Committee on Economic Affairs on Wednesday cleared a Rs 10,683-crore production-linked incentive (PLI) scheme under for man-made fibre and technical textile products in a meeting chaired by Prime Minister Modi. These will be granted incentives up to 15% with an aim to boost domestic manufacturing and exports. This scheme is part of the overall announcement of the scheme for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of Rs 1.97 lakh crore. These incentives will be disbursed over a period of 5 years.
The government expects investments of more than Rs 19,000 crore into the sector during the five-year period, said Union Minister Anurag Thakur said. Meanwhile, Commerce and Industry Minister, Piyush Goyal, said that fabric and garments made from these fibres would be the centre of the scheme so that world class facilities are built in the country. “We hope that this decision will produce some global champions. The factories based around aspirational districts or Tier-3 & Tier-4 cities will be given priority. It will especially benefit Gujarat, UP, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana etc,” Goyal added.