Govt approves incentives worth Rs 10,683 Cr for textiles sector under PLI
The move is expected to enhance the global competitiveness of Indian companies and create additional employment for over 7.5 lakh people directly.
In a bid to boost the textiles sector, the Indian government on Wednesday approved incentives worth Rs 10,683 crore under the Production Linked Incentive (PLI) scheme for MMF Apparel, MMF Fabrics and 10 segments/products of technical textiles.
According to the official statement issued by the cabinet, this development will enable Indian companies to enhance their global competitiveness, "regain dominance" in the "global textiles trade" and create additional employment for over 7.5 lakh people directly.
This scheme is also expected to attract fresh investment of more than Rs 19,000 crore and an additional production turnover of over Rs 3 lakh crore in five years.
Credit: Pexels
Furthermore, priority (for investment) will be given to aspirational districts, Tier-III, IV towns and rural areas, according to the statement of the company.
The PLI scheme will cover states such as Maharashtra, Tamil Nadu, Punjab, Telangana, Odisha, etc, and also women which form a major part of the textiles sector.
The government announced the PLI schemes for 13 sectors includes electronics, pharmaceuticals, automobiles, white goods, textiles, etc.
The aim of introducing this has been to boost India's manufacturing sector as well as generate greater employment opportunities especially for the youth of this country. The overall scheme is expected to result in minimum production in India to be around Rs 37.5 lakh crore and the minimum expected employment to reach nearly one crore over the next five years.
YourStory’s flagship startup-tech and leadership conference will return virtually for its 13th edition on October 25-30, 2021. Sign up for updates on TechSparks or to express your interest in partnerships and speaker opportunities here.
For more on TechSparks 2021, click here.
Applications are now open for Tech30 2021, a list of 30 most promising tech startups from India. Apply or nominate an early-stage startup to become a Tech30 2021 startup here.