Textile Ministry Eyes Rs 95,000 Crore Investments, Aims For 2.25 Million Jobs

2024-02-24 02:14:30

(MENAFN- KNN India) New Delhi, Feb 24 (KNN)
The Ministry of Textiles aims to secure investments totalling Rs 95,000 crore, projecting the creation of approximately 2.25 million job opportunities within the next 4-6 years, as revealed by a senior government official.

Textiles Secretary, Rachna Shah, outlined the ministry's expectations, anticipating Rs 25,000 crore investments under the Production Linked Incentive Scheme (PLI) and an additional Rs 70,000 crore investment through the PM Mega Integrated Textile Regions and Apparel (PM-MITRA) park scheme, during a recent interaction.

Under the PLI scheme for the textile sector, which targets man-made fibre (MMF) fabric, MMF apparel, and technical textiles, 250,000 new jobs are foreseen.

Simultaneously, the seven planned PM-MITRA parks are expected to generate direct and indirect employment opportunities for 2 million individuals, Shah added.

Presently, 64 companies have already enrolled in the PLI scheme, with more expected to join soon. Shah indicated that several companies have already met the threshold investment requirements, potentially expanding the total number of participants to 70.

Launched in September 2021 with an allocation of Rs 10,683 crore, the PLI scheme for textiles is geared towards bolstering large-scale manufacturing and competitiveness, ultimately aiming for a cumulative turnover exceeding Rs 3 trillion.

This initiative is part of a broader effort, with a total outlay of Rs 1.95 trillion announced in 2021 across 14 sectors, including textiles, to enhance various industries' growth and competitiveness.

The gestation period for the textiles PLI extends until March 2024, after which performance evaluations will commence, with the fiscal year 2024-25 serving as the inaugural performance year.

(KNN Bureau)

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