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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https://indiantextilejournal.com/latest-textile-industry-news/online-application-commences-for-itma-asia—citme-2022

https://indiantextilejournal.com/latest-textile-industry-news/ashland-to-sell-performance-adhesives-to-arkema-for–1-65b