PLI Scheme For Textiles Attracts Rs 1,536 Cr, In Investments: Govt

Category: General

Country: India

By Pti
Published: Monday, December 26, 2022, 16:05 [IST] 

The Rs 10,683-crore production-linked incentive scheme for India's textiles sector attracted investments of Rs 1,536 crore as approval letters were issued to 56 applicants who met the eligibility criteria, the government said on Monday. Applications under the PLI Scheme for textiles were received through a web portal from January 1, 2022, to February 28, 2022.

The Centre launched the PLI Scheme with an approved outlay of Rs 10,683 crore to promote the production of MMF apparel, MMF fabrics and Products of Technical Textiles in the country to enable the textiles industry to achieve size and scale and to become competitive.

"Selection Committee chaired by Secretary (Textiles) has selected 64 applicants under the scheme. 56 applicants have completed the mandatory criteria for the formation of a new company and approval letters have been issued to them.

Investment to the tune of Rs 1,536 crore has been made so far," an official statement said.

The ministry said that domestic cotton cultivation has increased by 5 per cent to 125.02 lakh hectares as against 119.10 lakh hectares during last year, and a brand named 'Kasturi Cotton India' for Indian cotton has been launched to encourage mechanized harvesting of cotton, improving its quality of cotton and reduce labour cost. Besides, 74 research proposals amounting to Rs 232 crore have been approved under National Technical Textile Mission (NTTM) for speciality fibre and technical textiles, the Textiles Ministry stated in the year-end review for the segment.

Courtesy: https://www.goodreturns.in/news/pli-scheme-for-textiles-attracts-rs-1-536-cr-in-investments-govt-1270746.html