Business News | Investments Worth Rs 1,536 Cr Made by Textiles Industry Under PLI Scheme: Ministry
Get latest articles and stories on Business at LatestLY. Investments to the tune of about Rs 1,536 crore has been made so far in the textiles industry under the Production-Linked Incentive, said the Ministry of Textiles.
New Delhi [India], December 27 (ANI): Investments to the tune of about Rs 1,536 crore have been made so far in the textiles industry under the Production-Linked Incentive, said the Ministry of Textiles.
As part of its Atmanirbhar 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.
For the textile industry, the government has launched the scheme with an approved financial outlay of Rs10,683 crore for textiles to achieve size and scale and to become competitive.
Applications under the PLI scheme for textiles were received through the portal from January 1, 2022, to February 28, 2022.
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A total of 67 applications have been received and the selection committee chaired by Secretary (Textiles) has selected 64 applicants.
Of them, 56 applicants have completed the mandatory criteria for the formation of a new company, and approval letters have been issued to them, the ministry said in a year-ender review of the Department.
Further, the Government had approved the setting up of 7 (seven) PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks to develop world-class infrastructure with an outlay of Rs 4,445 crore for a period up to 2027-28.
"The guidelines in respect of the scheme have been published and there have been multiple interactions with State Governments for inviting proposals. In response 18 proposals from 13 States have been received," the ministry said in the year-ender review. (ANI)
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