Cabinet Approves PLI Scheme For Textiles Sector
The Union cabinet has approved a proposal to provide incentives to select segments in India's textile sector.
The government will provide production-linked incentives worth up to Rs 10,683 crore for five years, Union Ministers Piyush Goyal and Anurag Thakur said after the cabinet meeting. The scheme is expected to lead to an employment for about 7.5 lakh people directly, they said.
It will be applicable for apparel, fabrics and 10 other products classified as technical textiles. "We want to create global champions in textiles," Goyal said.
Over five years, PLI in textiles is expected to lead to fresh investment of more than Rs 19,000 crore, Goyal said. This is a part of the production-linked incentives in 13 sectors announced during the Union budget with an outlay of Rs 1.97 lakh crore.
Priority will be given to investment in "aspirational districts", tier 3 and 4 towns and rural areas, Goyal said. "This scheme will positively impact states especially like Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana and Odisha, among others."
Watch the full press briefing by Piyush Goyal and Anurag Thakur here.