SIMA hails Rs 1,460 bn PLI scheme

The Union Cabinet chaired by the Prime Minister, Narendra Modi, has given its approval to introduce the production linked incentive (PLI) scheme for 10 key sectors including textiles for enhancing India’s manufacturing capabilities and exports enabling “Atma Nirbhar Bharat Abhiyan” scheme. Indian textile industry is one of the largest in the world and has huge potential for employment creation, boosting exports, the sector has been allocated Rs 10,683 crore focusing on MMF apparel and technical textiles.

Also read: India’s PLI Scheme draws Rs. 11.5 trillion FDI for manufacturing in India

Ashwin Chandran, Chairman, The Southern India Mills’ Association (SIMA), has thanked the Prime Minister and Union Textile Minister for including the textile industry and allocating budget for improving manufacturing capabilities and boosting exports. SIMA Chairman has stated that though India could become a major player in cotton textiles and exports, India has been lagging behind in the MMF textile trade due to expensive raw material and high tariff barriers apart from cheaper imports from neighbouring countries.

Ashwin has stated that the country has proved its capability by becoming the second-largest manufacturer of PPE within a period of two months and enable the country to protect the people of the Nation and the world from the COVID-19 pandemic. Under these circumstances, the scheme would greatly benefit the industry to attract huge investments and create jobs for millions of people. SIMA Chief has stated that around 40 HS lines in MMF garments and 10 HS lines in technical textiles account for around $180 billion global trade and therefore, the scheme would encourage the industry to make an investment in the manufacturing of these high value-added products.

Pic caption:
Ashwin Chandran, Chairman, The Southern India Mills’ Association (SIMA)