PLI scheme for textiles: 61 firms to invest Rs 19,077 crore in 5 years
Apr 14, 2022
New Delhi [India], April 14 : A selection committee chaired by Textiles Secretary has approved 61 applicants under the Production Linked Incentive (PLI) scheme for textiles, which is expected to attract Rs 19,077 crore investment and create 240,134 direct employment over the next five years, a top government official said on Thursday.
Addressing a press conference, UP Singh, Secretary, Ministry of Textiles, said the 61 approved applicants are projected to have a business turnover of Rs 184,917 crore over a period of 5 years.
The scheme has two parts, Part 1 where the minimum investment is Rs 300 crore and the minimum turnover required to be achieved for the incentive is Rs 600 crore; and Part-2, where minimum investment is of Rs 100 crore and the minimum turnover required to be achieved for the incentive is Rs 200 crore.
The companies that have been selected under the PLI scheme include Avgol India, Cubatics Industries, Goa Glass Fibre Ltd, H P Cotton Textile Mills, Himatsingka Seide Limited, Madura Industrial Textiles Limited, MCPI Private Limited, Paragon Apparel Private Limited, Pratibha Syntex Limited, Shahi Exports Private Limited, Shree Durga Syntex and Trident Limited.
The Government has approved Production Linked Incentive (PLI) scheme for textiles products, namely MMF Apparel, MMF Fabrics, and Products of Technical Textiles, for enhancing India's manufacturing capabilities and enhancing exports with an approved financial outlay of Rs 10,683 crore over a five-year period.
To further boost the growth of the sector, centre also removed the import duty of cotton.
The Notification for the scheme was issued on 24th September 2021. Operational Guidelines for Production Linked Incentive (PLI) scheme were issued on 28th December 2021. Applications under PLI Scheme for textiles were received through the web portal from 1 January 2022 to 28 February 2022.
