News Brief
Nirmala Sitharaman Announces Seven Plug And Play Mega Investment Textile Parks In Addition To PLI Scheme For Textile Sector
- Sitharaman announced that seven mega textile parks will be set up in addition to the PLI scheme.
Finance Minister Nirmala Sitharaman.
Union Finance Minister Nirmala Sitharaman today (1 February) announced the much-awaited product-linked incentive (PLI) scheme for the textiles industry.
Though the Finance Minister did not announce the amount allocated for the scheme, it is expected to be provided Rs 10,600 crore.
The PLI scheme could categorise the textile units into three — those below a turnover of Rs 100 crore, those between Rs 100 crore and Rs 400 crore, those above Rs 400 crore.
More details are awaited as the Budget announcements unfold.
Sitharaman also announced that seven mega textile parks will be set up in addition to the PLI scheme.
The parks are to be established in three years with plug and play facilities, besides focus on exports.
The mega textile parks are expected to generate additional jobs.
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