Govt eyes ₹95,000 crore investment, 2.25 million jobs in textiles

livemint.com:

₹95,000 crore and the expected fund flow will create about 2.25 million new job opportunities in the next 4-6 years, according to a senior government official on Friday. The ministry expects ₹25,000 crore investments under the Production Linked Incentive Scheme (PLI) and another ₹70,000 crore investment under the PM Mega Integrated Textile Regions and Apparel (PM-MITRA) park scheme in the next 4-6 years, textiles secretary Rachna Shah said during an interaction. The PLI scheme in textile sector will create 250,000 new jobs and the expected fund flow in seven PM-MITRA parks will generate direct and indirect employment for 2 million persons, Shah added.

Presently, 64 companies have joined the PLI scheme and a few more are expected to join. "We have selected 64 companies under the PLI scheme, and they have started making their investments," she said. "Some of the companies have already achieved threshold investment," the official cited above said, adding under PLI scheme may, total number of players may reach 70.

The PLI scheme for the textile sector is focused on man-made fibre (MMF) fabric, MMF apparel and technical textiles to boost large-scale manufacturing and enhance competitiveness. Launched in September 2021, the ₹10,683 crore PLI scheme for the textiles sector is expected to lead to a cumulative turnover of over ₹3 trillion. With a total outlay of ₹1.95 trillion, the PLI scheme was announced in 2021 for 14 sectors, including telecom, white goods, textiles, pharma, medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery and drones.