Business
Govt Extends Timeline For Submission Of Applications Under Rs 10,683 Crore Textiles PLI Scheme Till 28 February
A textile factory.
The Ministry of Textiles has further extended the timeline for submission of applications under the PLI Scheme for Textiles till 28 February, an official release said on Monday (14 February).
Earlier the date of submission of online application under PLI Scheme for Textiles was upto 31 January 2022 which was extended till 14 February 2022.
The Union Government in September last year had approved the Rs 10,683 crore Production Linked Incentive (PLI) scheme for the textile sector.
The scheme covers items from the MMF (man-made fibre) and the technical textiles sectors.
The current PLI scheme is expected to help attract additional investment by existing companies in the MMF and technical textile sectors and usher in new investments by Indian and multinational companies in this segment.
India is currently a laggard in MMF textile trade due to high raw material costs, high tariff barriers and cheap imports from neighbouring countries.
Earlier, in an official statement, the government said that the PLI scheme for textiles will lead to fresh investment of more than Rs 19,000 crore and could potentially help achieve a cumulative turnover of over Rs 3 lakh crore.
The government also estimates that the incentive scheme will help create additional employment opportunities of more than 7.5 lakh jobs in textile sector and several lakhs more in allied activities. Textiles and apparel sectors are also the second largest employment generators, next to agriculture sector, helping provide over 100 million direct and indirect jobs.
The scheme aims to enhance India’s manufacturing capabilities by increasing investment and production in the textile sector, especially in the MMF segment and technical textiles under greenfield and brownfield investments.
The government also hopes that incentives offered under the PLI scheme will create a select group of world-class companies in the MMF and technical textile segments, which have the potential to grow, both in size and scale, using cutting-edge technology and thereby penetrating global value chains.
Indian textiles and apparels industry is among the largest in the world, and is a key contributor to the country's export basket, contributing about 12 per cent of export earnings.
Along with existing schemes like RoSCTL, RoDTEP and other measures by government, including providing raw material at competitive prices, specially-designed skill development, the government hopes that the newly-unveiled PLI scheme will give a fillip to the sector.
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