The textile Ministry has acquired functions from as many as 67 corporations to avail advantages underneath the PLI scheme for man-made fibres and technical textile sectors, a senior official of the ministry stated on Saturday.
With the target of strengthening home manufacturing, creating jobs and boosting exports, the federal government had cleared the Rs 10,683-crore Production Linked Incentive (PLI) scheme for the textile sector final 12 months.
The scheme covers 40 man-made fibre (MMF) garment objects, 14 MMF material items and 10 technical textile merchandise.
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Speaking at an occasion organised by CII, Textiles Secretary Upendra Prasad Singh stated, “We have taken numerous steps to advertise progress of the technical textile sector. There has been an excellent response for the PLI scheme.
“As many as 67 companies have made applications for being a part of the PLI for MMF and technical textiles and against our expectations of over Rs 19,000 crore investments, these companies have shown that they would be investing like Rs 22,000-23,000 crore in the MMF and technical textiles,” he added.
The technical textiles (techtex) phase is a dawn sector and holds big potential for progress, the senior bureaucrat additional stated.
Techtex is utilized in totally different areas akin to building, highway, railways, healthcare, car, and agriculture. The market measurement of the sector within the nation is about $20 billion, whereas the scale of its world market is about $260 billion.