Special purpose vehicles (SPV), jointly owned by the Centre and States, are currently being formed to oversee the setting up of the seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh and Maharashtra, Textiles Secretary Rachna Shah has said.
“Almost 3 lakh jobs in each park are likely to be created…about ₹10,000 crore of investment will be made in each park with a focus on cutting-edge technology and ease of doing business,” Shah said at a media briefing on Tuesday. The parks, which have been planned to help India become a global hub for textiles, are to be developed on a PPP Mode and will have world class infrastructure with plug & play facilities.
Giving an update on the Production-Linked Incentive (PLI) scheme, which is focussed on encouraging production of man made fibre (MMF) fabric, MMF apparel and technical textiles, Shah said 64 companies were participating in the scheme, of which 30 firms had made considerable progress and are expected to begin production from this year.
It is estimated that over a period of five years, the PLI scheme for textiles will lead to fresh investment of more than ₹19,000 crore, achieve cumulative turnover of over ₹3-lakh crore and create additional 7.5 lakh jobs in the sector and several lakh more for supporting activities, Shah added.
Bharat Tex
Sharing information on Bharat Tex 2024, the global textile expo to be held in New Delhi on February 26-29, the Secretary said over 3,500 exhibitors and more than 3,000 overseas buyers are expected to participate in it.
The expo, which will provide the country an opportunity to showcase itself as a global sourcing and investment destination, is expected to bring together stakeholders across the textile value chain, including government and industry representatives.