Budget unveils scheme for setting up mega textile parks in India, Retail News, ET Retail

New Delhi, The federal government on Monday unveiled a scheme for location up mega textile parks in the place, as portion of the Centre’s endeavours to place India as a entirely integrated, globally aggressive manufacturing and exporting hub for the sector. Finance Minister Nirmala Sitharaman made the announcement even though presenting the Spending budget 2021-22 in Parliament.

“A scheme of mega expenditure textile parks will be introduced in addition to the PLI scheme,” Sitharaman claimed.

She knowledgeable that 7 mega textile parks will be introduced in 3 yrs as portion of the scheme.

The mega textile parks will have integrated services and speedy turnaround time for reducing transportation losses, eyeing major-ticket investments in the sector.

The textile ministry had not long ago claimed a scheme and a Mega Built-in Textile Location and Clothing (MITRA) Park, in in excess of 1,000 acres of land with condition-of-the-art infrastructure, common utilities and Analysis and Development (R&D) lab, are less than consideration.

So significantly, 59 textile parks have been sanctioned less than the scheme for integrated textile parks, out of which 22 have been completed.

The creation-linked incentive (PLI) scheme, announced previously for ten critical sectors which includes textile and cars, would help India turn out to be self-reliant, increase manufacturing and greatly enhance exports.

The federal government had permitted the PLI scheme for ten sectors, getting the complete outlay for this sort of incentives to approximately Rs 2 lakh crore in excess of a 5-yr period of time.

The Indian textile sector is the sixth-most significant exporter of textiles and apparels in the environment.