(MENAFN- KNN India) New Delhi, Jan 10 (KNN) India is actively seeking expanded market access for its textiles sector as part of ongoing free trade negotiations with countries such as the United Kingdom and Oman, revealed Textiles Secretary Rachna Shah on Tuesday.
“Textiles would be one of our major interests in getting more concessional access,” Shah told reporters.
The Textiles Secretary further acknowledged the impact of reduced demands in the US and European markets during the current fiscal year.
Despite continuing efforts to strengthen ties with these regions, India is exploring additional markets for textiles, including Australia, the United Arab Emirates (UAE), and Japan, where free trade pacts have already been signed.
To enhance textiles production, Shah added, the Indian government is implementing strategic initiatives such as the Production-Linked Incentive (PLI) scheme and PM Mega Integrated Textile Regions and Apparel (PM-MITRA) parks.
Under PM-MITRA, plans include establishing seven mega textiles clusters in states like Karnataka, Tamil Nadu, Telangana, Gujarat, Madhya Pradesh, Uttar Pradesh, and Maharashtra.
Rohit Kansal, Additional Secretary, Ministry of Textiles, stated that land acquisition for almost all proposed textiles parks has been completed, with Karnataka's park slated for Kalaburagi district, reported DH.
The state has allocated 1000 acres near Ferozabad at Kalaburagi-Jewargi Road for this purpose.
Kansal expressed optimism about significant progress this year, mentioning ongoing work to form Special Purpose Vehicles (SPV) for infrastructure development at the mega parks.
Each park's leadership will be entrusted to an SPV, established as a joint venture between the central government and respective state governments.
The states will hold a majority 51 per cent stake in the SPV, while the central government will retain the remaining 49 per cent.
Notably, MoUs totalling over Rs 13,000 crore have been signed with various companies for the development of these mega parks, Kansal added.
“Through PM-MITRA parks, we are hoping to integrate the entire value chain. That will help reduce logistics costs and we will be able to set up integrated units,” said Textiles Secretary Shah.
The central government is set to provide Rs 500 crore in financial support for infrastructure development at each park, with an additional Rs 300 crore as incentives for early-stage unit startups, Shah added.
The envisioned mega parks, she added, aim to boost the competitiveness of the Indian textiles industry by achieving economies of scale and attracting global players to invest in manufacturing within the country.
(KNN Bureau)
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