PLI scheme will boost textile exports, TEXPROCIL Chairman
Sep 10, 2021
Mumbai (Maharashtra) [India], September 10 (ANI/NewsVoir): The Union Cabinet headed by Prime Minister Narendra Modi recently approved the Production Linked Incentive (PLI) scheme for notified products of man-made fibre apparel and 10 segments of technical textiles with a financial outlay of Rs 10,683 crore over five years.
Welcoming the PLI scheme, Manoj Patodia, Chairman of the Cotton Textiles Export Promotion Council (TEXPROCIL) said, "The PLI scheme, which is a huge initiative taken by the Government, will boost the overall textile & clothing exports and also give a fillip to domestic manufacturing."
The incentives under the scheme are based on the fulfilment of the prescribed minimum investment and turnover limits. The broad objectives of the scheme is to help Indian textile companies to become global champions and to regain India's dominance in global textiles trade.
The PLI scheme will encourage setting up of new domestic textiles companies or expand existing manufacturing companies which in turn will generate additional employment especially for women, according to the Chairman, TEXPROCIL.
Under the scheme, priority will be given for investment in Tier 3, Tier 4 towns and in rural areas. The Chairman, TEXPROCIL stated that PLI scheme will create a strong ecosystem for the development of textiles sector in different states such as UP, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana, Odisha etc which will ensure development of the textile sector throughout the country.
The PLI scheme covers only those manufacturing companies that are registered in India. Patodia pointed out that the scheme will reduce dependence on imports and will make the textile sector AtmaNirbhar as per the vision of our Hon'ble Prime Minister Narendra Modi.
The Chairman, TEXPROCIL extended his thanks to the Hon'ble Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution & Textiles, Piyush Goyal and the Hon'ble Minister of State for textiles Smt. Darshana Jardosh and the Ministry of Textiles for getting the Cabinet approval for the PLI scheme for textiles.
For further information, please visit www.texprocil.org.
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