Textile Secretary: SPVs formed for 7 PM MITRA Parks oversight

Almost 3 lakh jobs are likely to be created in each park, and an investment of about Rs 10,000 crore will be made in each park.

Rachna Shah, Textiles Secretary, mentioned that Special Purpose Vehicles (SPV), jointly owned by the Centre and States, are currently being established to oversee the establishment 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.

During a media briefing, Shah stated that almost 3 lakh jobs are likely to be created in each park, and an investment of about Rs 10,000 crore will be made in each park, with a focus on cutting-edge technology and ease of doing business. The parks, planned to assist India in becoming a global hub for textiles, are set to be developed on a Public-Private Partnership (PPP) mode, featuring world-class infrastructure with plug & play facilities.

Providing an update on the Production-Linked Incentive (PLI) scheme, which aims to encourage the production of man-made fibre (MMF) fabric, MMF apparel, and technical textiles, Shah mentioned that 64 companies were participating in the scheme. Of these, 30 firms had made considerable progress and are expected to commence production from this year.

Shah estimated that over a period of five years, the PLI scheme for textiles would result in fresh investment of more than Rs 19,000 crore, achieve a cumulative turnover of over 3-lakh crore, and generate an additional 7.5 lakh jobs in the sector, along with several lakh more for supporting activities.

Discussing Bharat Tex 2024, the global textile expo scheduled to be held in New Delhi on February 26-29, the Secretary informed that over 3,500 exhibitors and more than 3,000 overseas buyers are expected to participate. The expo, providing the country an opportunity to showcase itself as a global sourcing and investment destination, is anticipated to bring together stakeholders across the textile value chain, including government and industry representatives.