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Cabinet approves Rs 10,683 Cr PLI scheme for textiles
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SME Times News Bureau | 08 Sep, 2021
The Union Cabinet on Wednesday approved the much-anticipated production linked incentive (PLI) scheme for the textiles sector.
Under the scheme incentives worth Rs 10,683 crore will be provided over five years.
According
to the government, the move will especially positively impact states
like Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra
Pradesh, Telangana, Odisha among others.
The government expects investments of more than Rs 19,000 crore into the sector during the five-year period.
It
is also expected to bring about additional production turnover of over
Rs 3 lakh crore during the period and create employment opportunities of
over 7.5 lakh people directly and several lakhs more for supporting
activities, as per the government.
The government will give higher priority for investment in the aspirational districts and tier-3 cities.
Industry participants have lauded the decision of the government.
Apparel
Export Promotion Council (AEPC) Chairman A. Sakthivel said that it will
be a game changer for the Indian textile industry and will transform
India's growth story.
Sakthivel said that the scheme will result
in fresh investment of gigantic proportions, expand manufacturing
capacities and enhance exports multifold.
"It will make India a
key player in the global textile value chain with focus on high value
MMF products. Besides, it will promote industrial development in
backward regions of the country," he added.
The focus of the PLI
scheme would be for the development of man-made fibre and technical
fibre segments that are in high demand in advanced economies where India
already has a big presence with its technical products.
Commerce
and Industry Minister Piyush Goyal said that fabric and garments made
from these fibres would be a focus of the scheme so that world class
facilities are built in the country.
He also said that the
government was also working on free trade agreements (FTAs) with
advanced economies such as the UK, the US, EU that will help the country
both ways to get requisition imports as well boost exports. FTA would
also help the textile sector, the minister said, in getting a level
playing field that faced unequal duties in some of these markets.
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