Cabinet may approve mega textile park scheme on Wednesday, Retail News, ET Retail

The Union Cabinet is probable to approve on Wednesday a plan proposed by the textiles ministry to setup 7 mega investment decision textile parks (MITRA) to appeal to investments into the sector and crank out work. Officers claimed the plan could be taken up by the Cabinet and if accepted, […]

The Union Cabinet is probable to approve on Wednesday a plan proposed by the textiles ministry to setup 7 mega investment decision textile parks (MITRA) to appeal to investments into the sector and crank out work.

Officers claimed the plan could be taken up by the Cabinet and if accepted, it will pave the way to set up mega parks with built-in facilities and plug-and-enjoy infrastructure on in excess of 1,000 acres in the future three many years, on the lines of China and Vietnam.

“It is probable to be cleared by the Cabinet and some states have by now shown interest in placing up the parks,” claimed an formal.

Declared in Price range FY22, the MITRA parks will also have uninterrupted drinking water and ability provide, popular utilities and study and growth labs. They are intended to have and quick turnaround time to minimise transportation losses, aimed to appeal to big-ticket investments in the sector.

States will have to guarantee highway connectivity and ability availability for the parks.

The parks are essential to appeal to foreign immediate investment decision (FDI). From April 2000 to September 2020, India’s textile sector received Rs twenty,468.sixty two crore, or $3.four billion, of FDI, which is just .69% of the overall FDI inflows in the course of the interval.

Very last thirty day period, the Union Cabinet accepted a Rs ten,683 crore output-linked incentive plan for person-produced fibre phase (MMF) clothing, MMF materials and ten products of complex textiles for five many years, aimed at boosting domestic manufacturing and exports. This would lead to fresh investments of extra than Rs 19,000 crore, according to the authorities.

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