textiles PLI: PLI scheme for textiles: Govt approves 61 proposals of over Rs 19,000 crore

The federal government on Thursday mentioned it has accepted 61 purposes of firms, together with Ginni Filaments, Kimberly Clark India Pvt ltd, and Arvind Ltd, with an funding potential of over Rs 19,000 crore beneath the manufacturing linked incentive (PLI) scheme for textiles.

Textile Secretary U P Singh mentioned {that a} complete of 67 proposals have been obtained beneath the PLI scheme for the textiles sector.

“Within the accepted 61 purposes the proposed complete funding anticipated from the candidates is Rs 19,077 crore and a projected turnover is Rs 184,917 crore with a proposed employment of 240,134 individuals,” Singh advised reporters right here.

The federal government had accepted the PLI scheme for Textiles merchandise like MMF attire, MMF materials and merchandise of technical textiles for enhancing manufacturing capabilities and boosting exports with an accepted monetary outlay of Rs 10,683 crore over a five-year interval.

Out of 67 purposes, 15 have been obtained beneath Half-1 and 52 beneath Half-2, the official mentioned.

In Half 1, the minimal funding requirement is Rs 300 crore and the minimal turnover required to be achieved for incentive is Rs 600 crore, and in Half-2, the minimal funding ought to of Rs 100 crore and the minimal turnover is Rs 200 crore.

The businesses whose proposals have been accepted embrace Avgol India Pvt Ltd; Goa Glass Fibre Ltd; H P Cotton Textile Mills; Kimberly Clark India Pvt Ltd (topic to formation of a brand new firm for funding and manufacturing beneath the scheme); Madura Industrial Textiles; MCPI Pvt Ltd; Pratibha Syntex; Shahi Exports; Trident Ltd; Donear Industries; Gokaldas Exports; and Arvind Ltd.

Singh mentioned that the scheme would assist enhance India’s share within the world man-made fibre and technical textiles sector. “We’re concentrating on to extend exports of technical textiles from USD 2 billion to about USD 8-10 billion,” he added.

Speaking concerning the Mega Funding Textiles Parks (MITRA) scheme, the secretary mentioned they’ve obtained 17 proposals from 13 states, together with Madhya Pradesh (4) and Karnataka (2).

The Textiles Ministry will comply with a “problem technique” to pick states for the scheme, beneath which seven parks can be arrange within the nation.

“We’re evaluating these proposals as beneath the scheme, solely seven parks can be accepted within the first section..we’re additionally sending groups to those states to know concerning the floor actuality,” he mentioned.

Other than 1,000 acres of land for one such park, the ministry will take a look at some necessary issues like close by availability of uncooked materials, all types of infrastructure together with port, street and rail connectivity, water and energy availability, and incentives of states amongst others.

Within the phase-2, “we’ll discover grasp builders as a result of we might be giving 30 per cent help for infrastructure or Rs 500 crore most and one other Rs 300 crore incentive for industries…however stability funding needs to be performed by a non-public investor, who will get better the cash from the business that may come there on the park,” he mentioned.

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