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PLI scheme for textiles, MITRA park to get approval

Sep 08, 2021
PLI scheme for textiles, MITRA park to get approval

India

Piyush Goyal, Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution stated that PLI Scheme for Textiles & MITRA Parks Scheme is at an advanced stage of approval.

He added that story of the Indian Textile Industry and our weavers have been using centuries-old knowledge, craft & techniques to create timeless fabrics. The level of artistry and intricacy is unparalleled.

The Minister said that his Textile Ministry is working closely with MOF to resolve the issue of old dues on incentives for Exporters. He said that Government is always open to consider all industry requirements. He said that Industries that do not depend on subsidies thrive much more.

The Minister said that he was extremely proud of the achievements of Textile Industry. Goyal called upon  the Industry to aim to increase textiles exports 3 times from present export value of $33 bn at the earliest and enhance domestic production  to $ 250 bn as well in a very quick time.

Goyal asked the industry leaders to handhold small exporters and guide them.
The Minister said that the Launch of Indian brand “
Kasturi Cotton” with international fibre quality, has opened great new opportunities for Textile Industry to expand business opportunities.

Goyal further stated that he personally has been interacting with different nations to expedite FTAs/PTAs (UK, EU, Australia etc.). It will provide new avenues to build a loyal customer base.

Source: IIFL Securities

Image Source: Google Images

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