Business
Centre Looking At PLI 2.0 For Textiles To Make The Sector Globally Competitive: Piyush Goyal
Piyush Goyal (Pic Via PIB Website)
The government is considering the second phase of Production Linked Incentive (PLI) scheme for the textiles sector to empower the industry to compete globally with top exporting countries like China and Vietnam, Union Minister Piyush Goyal said on Tuesday (1 November).
Goyal, who is the Union Minister of Textiles, also instructed officials of the ministry to undertake extensive and exhaustive stakeholder consultations before finalising the contours of PLI 2.0.
Chairing a review meeting of PLI for textiles, the minister asked them to make PLI 2.0 robust and emphasized that PLI 2.0 would empower the sector to compete globally with top exporting countries like China, Vietnam, according to an official statement.
Goyal also asked stakeholders of the textile industry to strive to move up the value chain and focus on products of high value.
The review meeting, which was attended by representative of 49 companies and key dignitaries of Ministry of Textiles, was held to understand the implementation status of the projects under the Scheme and for resolving their issues.
It should be noted that under the PLI Textile Part 1, 67 applicants had applied out of which 64 were selected and out of these 64 companies 55 companies have formed participant companies, the statement said.
The proposed investment during the entire tenure of the scheme is Rs 19,789 crore out of which Rs 1,536 Cr. has been invested so far, it added.
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