BackCabinet approves ₹10,683 crore PLI scheme for textiles sector
Union Cabinet has approved Production Linked Incentive (PLI) scheme for Textiles. Incentives worth ₹10,683 crore will be provided over 5 years
PremiumUnion Ministers Anurag Thakur and Piyush Goyal while addressing the cabinet briefing on Wednesday, announced that the cabinet has approved the proposal for production-linked incentive (PLI) scheme for specific segments in the textiles sector. The decision was taken in a meeting which was chaired by Prime Minister Narendra Modi.
The cabinet has approved the PLI scheme for textiles for MMF (man-made fibre) apparel, MMF fabrics and ten segments/products of technical textiles with a budgetary outlay of ₹10,683 crore that will be provided over 5 years.
“So far, we have primarily focused on cotton textile. But 2/3 share of the international textile market is of man-made & technical textile. This PLI scheme has been approved so that India can also contribute to the production of man-made fibers," Piyush Goyal said.
The minister of textiles added that factories based around aspirational districts or Tier-3 & Tier-4 cities will be given priority, which will especially benefit states like Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana. “We hope that this decision will produce some global champions," Goyal said.
Also read — Textile stocks: Experts recommend these shares after PLI scheme approval
PLI scheme for textiles is part of the overall announcement of the scheme for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of ₹1.97 lakh crore.
The scheme, part of 13 identified sectors some of which have already been approved by the Union cabinet, is expected to boost manufacturing activities, add jobs and help scale up exports.
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