The textile manufacturing industry is growing rapidly globally, on last Friday PM, Narendra Modi announced that PM MITRA mega textile parks would be set up in various states. The Number of states is 7 including Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, Madhya Pradesh, and Uttar Pradesh. Read More Business News on our website.
PM MITRA mega textile parks will assist to enhance the textile sector in line with the 5F vision (Farm to Fibre to Factory to Fashion to Foreign). This announcement is likely to make a significant change in the textile sector, overall, it is supposed to be a center of investment for investors and end up creating plenty of jobs.
This will play a vital role in the development of India and promote “Make In India”. So far, there has been an investment of approx. Rs 1,536 crore in the textile industry, said the Ministry of Textiles.
The Indian Government has launched Production Linked Incentive (PLI) schemes for several sectors to make them more competitive and grow globally. It will make more investment opportunities, elevate export, and integrate the supply chain, moreover, India will have less dependency on imports.
As per the source, it is expected that India will attract global investment in the textile sector of $100 billion (estimated) by the end of 2030. In addition, the government gave the green light to set up a 7 PM mega-integrated textile. The motto of developing state-of-the-art infrastructure is to catch the eyes of investors and boost textile manufacturing.
According to the source, per park will be provided financial assistance of up to 500 crores for the development, and apart from this the CIS (competitive incentive support) will be provided up to 300 crores per park in PM MITRA. The rest of the facilities will be also offered by Government including a Reliable electricity supply, water supply, wastewater disposal system, and more along with speedy implementation.
For several years, the industry has been playing a crucial role in the development of the Indian economy. It is one of the vast and diverse sectors that consists of everything from clothing to home furnishings. It has huge demand among people, even millions of people are employed in this sector. it has been an essential part of the economy. over time, there have been tons of changes in the industry, such as cost changes, and quality changes, and even the market has been more competitive.
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