The scheme, the government said, will help create additional employment of over 750,000 people directly and several thousands more for supporting activities
NEW DELHI :
The Union cabinet chaired by the Prime Minister Narendra Modi has approved the proposal for production-linked incentive (PLI) scheme for specific segments in the textiles sector, Union ministers Anurag Thakur and Piyush Goyal announced on Wednesday during the cabinet briefing.
“With this, India is poised to regain its dominance in global textiles trade. Leveraging economies of scale, the scheme will help Indian companies to emerge as global champions," said Goyal. The scheme, the government said, will help create additional employment of over 750,000 people directly and several thousands more for supporting activities.
Scheme will also pave the way for participation of women in large numbers, the Union ministers said at the press conference. “Incentives worth ₹10,683 crore will be provided to industry over five years. It is expected that this scheme will result in fresh investment of above ₹19,000 crore and additional production turnover of over ₹3 trillion in five years," said Goyal.
“There will be higher priority for investment in aspirational districts and tier-III or -IV towns. The scheme will also positively impact states, especially Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana, and Odisha," he said.
The cabinet approved a PLI scheme for textiles for MMF (man-made fibre) apparel, MMF fabrics and 10 segments/ products of technical textiles with a budgetary outlay of ₹10,683 crore. PLI for textiles, along with RoSCTL, RoDTEP and other measures of the government in the sector, such as providing raw material at competitive prices, and skill development will herald a new age in textiles manufacturing. PLI scheme for textiles is part of the overall announcement of PLI Schemes for 13 sectors made during the Union Budget 2021-22, with an outlay of ₹1.97 trillion.
With the announcement of PLI schemes for 13 sectors, minimum production in India is expected to be around ₹37.5 trillion over five years and minimum expected employment over five years is nearly 10 million. PLI scheme for textiles will promote production of high value MMF fabric, garments and technical textiles in the country. The incentive structure has been so formulated that industry will be encouraged to invest in fresh capacities in these segments. This will give a major push to growing high value MMF segment, which will complement the efforts of cotton and other natural fibre-based textiles industry in generating new opportunities for employment and trade, helping India regain its historical dominant status in global textiles trade.
In a separate decision, the Cabinet Committee on Economic Affairs (CCEA) approved the increase in the minimum support price (MSP) for all mandated rabi crops for rabi marketing season (RMS) 2022-23.
Government has increased the MSP of rabi crops for RMS 2022-23, to ensure remunerative prices to the growers for their produce. The highest absolute increase in MSP over the previous year has been recommended for lentil (masur) and rapeseeds and mustard ( ₹400 per quintal each) followed by gram ( ₹130 per quintal). In case of safflower, there has been an increase of ₹114 per quintal, in comparison to last year. The differential remuneration is aimed at encouraging crop diversification.
The increase in MSP for rabi crops for RMS 2022-23 is in line with the Union Budget 2018-19 announcement of fixing the MSPs at a level of at least 1.5 times of the all-India weighted average cost of production, aiming a reasonably fair remuneration for farmers. The expected returns to farmers over their cost of production are estimated to be highest in case of wheat, rapeseed and mustard (100% each), followed by lentil (79%); gram (74%); barley (60%); safflower (50%).
Concerted efforts were made over the last few years to realign the MSPs in favour of oilseeds, pulses and coarse cereals to encourage farmers to shift to larger area under these crops and adopt best technologies and farm practices, to correct demand-supply imbalance.
Additionally, National Mission on Edible Oils-Oil Palm (NMEO-OP), Centrally Sponsored Scheme recently announced by the government, will help in increasing the domestic production of edible oils and reduce imports dependency. With the total outlay of ₹11,040 crore, the scheme will not only aid in expanding area and productivity of the sector, but also benefit the farmers by increasing their income and generation of additional employment.
The Umbrella Scheme "Pradhan Mantri Annadata Aay SanraksHan Abhiyan' (PM-AASHA) announced by the government in 2018 will aid in providing remunerative return to farmers for their produce. The umbrella scheme consists of three sub-schemes, that is price support scheme (PSS), price deficiency payment scheme (PDPS) and private procurement and stockist scheme (PPSS) on a pilot basis.
The Union cabinet on Wednesday also approved the signing of a Memorandum of Understanding (MoU) between The Institute of Chartered Accountants of India (ICAI) and The Chamber of Auditors of the Republic of Azerbaijan (CAAR). The signing of MoU between ICAI and CAAR would help in establishing mutual co¬operation in member management, professional ethics, technical research, CPD, professional accountancy training, audit quality monitoring, advancement of accounting knowledge, and professional and intellectual development.
Both ICAI and CAAR intend to strengthen cooperation in the areas of training of audit, finance and accounting professionals. They also intend to exchange books, magazines and other publications published by professional organizations, mutual publication of articles on audit and accounting in the magazines and on the websites of parties, conducting and financing joint conferences, symposia, round tables, trainings on the development of audit, finance and accounting. ICAI and CAAR also intend to undertake study on application of new innovative methods in the field of audit and accounting, including application of blockchain, smart contract system, transition from traditional accounting to cloud accounting and also intend to have joint cooperation in the fight against corruption and money laundering.
In another decision, the cabinet approved the signing of an agreement on the recruitment of Indian citizens to work in the Portuguese Republic between the the Indian and Portuguese governments. The present agreement would set an institutional mechanism for partnership and cooperation between India and Portugal on sending and accepting Indian workers. Under this agreement, a joint committee will be set up to follow up the implementation of the same.
The Union cabinet also approved the signing of an MoU on cooperation in the field of geosciences between the Joint Stock Company Rosgeologia (ROSGEO), a legal entity incorporated under the laws of the Russian Federation, and the Geological Survey of India (GSI), under the Union ministry of mines.
The main objective of this MoU is to extend mutual cooperation for technological collaboration on exploration for deep-seated and / or concealed mineral deposits; analysis and interpretation of the aero-geophysical data; PGE and REE Exploration and Research; Joint development of the Indian Geoscience Data repository with the Russian state-of-the-art information technology; exchange of technology and knowledge in the field of drilling, sampling and laboratory analysis to achieve data accuracy, and cost optimization; and training and capacity building of scientific personnel, etc., between "both the parties in the fields of geosciences", the government said in a statement.
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