On Friday, there is an interesting piece of news came into the headlines related to India’s textile industry. It is noticeable that the industry is growing and creating new opportunities for people. As per the news, the government hopes to attract ₹95,000 crores in investment in the textile industry which will create 250,000 new jobs opportunities. Let’s explore all the details below about this major investment in the textile industry.
The textile ministry is expecting this ₹95,000 crore investment as ₹25,000 crore funds under the Production Linked Incentive Scheme (PLI) and another ₹70,000 is under the PM Mega Integrated Textile Regions and Apparel (PM-MITRA) park scheme in the next 4-6 years.
PLI Scheme for the textile industry is focused on man-made fibre (MMF) fabric, MMF apparel, and technical textile to boost large-scale manufacturing and enhance competitiveness. Also, India is focusing on the free trade agreement that will also boost domestic growth by promoting exports in the country. The apparel and Textile Industry contributes around 2.3% to India’s total GDP. Along with this, the textile and apparel industry gives 13% of Industrial Production and 12% of the total exports.