Govt approves 61 proposals of over Rs 19,000 cr beneath PLI scheme for textiles
By PTI
NEW DELHI: The authorities on Thursday stated it has authorised 61 purposes of firms, together with Ginni Filaments, Kimberly Clark India Pvt ltd, and Arvind Ltd, with an funding potential of over Rs 19,000 crore beneath the manufacturing linked incentive (PLI) scheme for textiles.
Textile Secretary U P Singh stated {that a} whole of 67 proposals have been obtained beneath the PLI scheme for the textiles sector.
“In the approved 61 applications the proposed total investment expected from the applicants is Rs 19,077 crore and a projected turnover is Rs 184,917 crore with a proposed employment of 240,134 people,” Singh advised reporters right here.
The authorities had authorised the PLI scheme for Textiles merchandise like MMF attire, MMF materials and merchandise of technical textiles for enhancing manufacturing capabilities and boosting exports with an authorised monetary outlay of Rs 10,683 crore over a five-year interval.
Out of 67 purposes, 15 have been obtained beneath Part-1 and 52 beneath Part-2, the official stated.
In Part 1, the minimal funding requirement is Rs 300 crore and the minimal turnover required to be achieved for incentive is Rs 600 crore, and in Part-2, the minimal funding ought to of Rs 100 crore and the minimal turnover is Rs 200 crore.
The firms whose proposals have been authorised embody Avgol India Pvt Ltd; Goa Glass Fibre Ltd; H P Cotton Textile Mills; Kimberly Clark India Pvt Ltd (topic to formation of a brand new firm for funding and manufacturing beneath the scheme); Madura Industrial Textiles; MCPI Pvt Ltd; Pratibha Syntex; Shahi Exports; Trident Ltd; Donear Industries; Gokaldas Exports; and Arvind Ltd.
The funding proposal of Arvind Limited is value Rs 170 crore, Ginni Filaments Limited’s Rs 180 crore, Gokaldas Exports’ Rs 143 crore and Kimberly Clark India Private Limited’s Rs 308 crore, the secretary stated.
Of 61 proposals, seven are from overseas firms – Autoliv India Pvt Ltd (Rs 193 crore), Avgol India Private Limited (Rs 585 crore), Evertop Textile & Apparel Complex Private Limited (Rs 379 crore), and Teejay India Private Limited (Rs 20 crore).
Singh stated that the scheme would assist improve India’s share within the international man-made fibre and technical textiles sector. “We are targeting to increase exports of technical textiles from USD 2 billion to about USD 8-10 billion,” he added.
Talking in regards to the Mega Investment Textiles Parks (MITRA) scheme, the secretary stated they’ve obtained 17 proposals from 13 states, together with Madhya Pradesh (4) and Karnataka (2).
The Textiles Ministry will comply with a “challenge method” to pick out states for the scheme, beneath which seven parks will likely be arrange within the nation.
“We are evaluating these proposals as under the scheme, only seven parks will be approved in the first phase. We are also sending teams to these states to know about the ground reality,” he stated.
Apart from 1,000 acres of land for one such park, the ministry will take a look at some necessary issues like close by availability of uncooked materials, all types of infrastructure together with port, street and rail connectivity, water and energy availability, and incentives of states amongst others.
In the phase-2, “We will find master developers because we would be giving 30 per cent assistance for infrastructure or Rs 500 crore maximum and another Rs 300 crore incentive for industries. But balance investment has to be done by a private investor, who will recover the money from the industry that would come there at the park,” he stated.
