Business News | Centre Extends Date for Inviting Fresh Applications for PLI in Textiles
Get latest articles and stories on Business at LatestLY. India has a strong capacity in the textile sector, which needs support to stay afloat in the global market and this is what these incentives are provided for by the government.
New Delhi [India], November 2 (ANI): The central government has extended the date of inviting fresh applications under the production-linked incentive (PLI) scheme for textiles up to December 2023.
In view of the requests from the industry stakeholders, the Ministry of Textiles had earlier decided to re-open the PLI portal till August 31, 2023, to invite fresh applications from interested companies under the PLI scheme of textiles -- for man-made fibre (MMF) apparel, MMF fabrics and products of technical textiles.
India has a strong capacity in the textile sector, which needs support to stay afloat in the global market and this is what these incentives are provided for by the government.
Technical textiles are defined as textile materials and products used primarily for their technical performance in various high-end industries.
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The technical textile segment in India has in recent years shown robust growth, both internationally and in the domestic market, and the market is likely to double in the next five years.
As part of its Atmanirbhar and Make in India plan, the government launched Production Linked Incentive (PLI) schemes in varied sectors to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)