The government has given great relief to the textile industry.
The government said on Wednesday that 96 companies have been selected with a total investment promise of Rs 12,822.67 crore under the third round of the Production Linked Incentive (PLI) scheme for textiles. The Textile Ministry said that in the recent meeting held under the third round of PLI scheme for textile, 22 new applicants have been approved. The 22 companies receiving the new approval are expected to bring in a total investment of Rs 2,339.14 crore, generate an estimated turnover of Rs 15,561.34 crore from the notified products and create 36,217 employment opportunities in the textile value chain. With this step, countries like China, Vietnam and Bangladesh may face tough competition.
Promise of investment of Rs 12,822.67 crore
An official statement said that a total of 96 companies have been selected under the third round of the scheme, with a total investment commitment of Rs 12,822.67 crore and an estimated turnover of Rs 58,294.18 crore. The main focus segments of the approved applicants PLI scheme include Man-Made Fiber (MMF) Apparel, MMF Fabrics and Technical Textiles. This will further strengthen India’s position as a global hub of value-added textile manufacturing.
When was the scheme started?
The statement said that the inclusion of these companies under the PLI scheme reflects the industry’s consistent response to the government’s efforts to promote investment in the emerging segment of the textile sector. The proposed investment and production capacity is expected to help in the development of a strong and globally competitive textile ecosystem in line with the vision of ‘Atmanirbhar Bharat’.
The PLI scheme for textile was notified on September 24, 2021. Its objective was to promote the production of MMF apparel and fabrics and technical textile products in the country so that the industry can operate on a large scale, become competitive, generate employment opportunities for the people and help in building a sustainable enterprise.
