PM MITRA Parks To Bring Rs 70,000 Crore Investment In Textiles
Sector: Minister
(MENAFN- IANS) New Delhi, Aug 9 (IANS) The Centre has approved the setting up of seven PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks in greenfield and brownfield sites with world-class infrastructure including plug and play facility with an outlay of Rs. 4,445 crores for a period of seven years up to 2027-28, the Parliament was informed on Friday.
Minister of State for Textiles Pabitra Margherita told the Rajya Sabha that the government has finalised 7 sites in Tamil Nadu (Virudhnagar), Telangana (Warangal), Gujarat (Navsari), Karnataka (Kalaburagi), Madhya Pradesh (Dhar), Uttar Pradesh (Lucknow), and Maharashtra (Amravati) for setting up of PM MITRA Parks. Once completed, it is envisaged that each park will lead to an investment (both foreign and domestic) of about Rs 10,000 crore, benefiting the local economy and textile ecosystem, he added.
The minister stated that Special Purpose Vehicles (SPV) in respect of all 5 greenfield sites in Gujarat, Tamil Nadu, Karnataka, Madhya Pradesh, and Uttar Pradesh have been incorporated. In respect of the brownfield sites in Maharashtra and Telangana, the existing implementation arrangements have been allowed to continue as per guidelines.
He said that under the PM MITRA Park Scheme, for the development of greenfield and brownfield projects, there is a provision of Development Capital Support (DCS) for the creation of core infrastructure at the rate of 30 per cent of the project cost with maximum support of Rs 500 crore and Rs 200 crore per park for greenfield and brownfield PM MITRA Parks, respectively from the Centre.
In addition, Competitive Incentive Support to individual units subject to a maximum of Rs 300 crore per park and further subject to Scheme guidelines is also provided under PM-MITRA for incentivising manufacturing units to get set up early in PM MITRA Parks, the minister added.
The Union Ministry of Textiles is overseeing the execution of these projects. A special purpose vehicle (SPV) owned by the Centre and state governments is being set up for each park, which will oversee the implementation of the project. The valuation of the Indian textiles market is estimated at Rs 12 lakh crore.
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