: Cabinet approves PLI scheme for MMF & Technical Textile worth Rs. 10,683 cr #FinanceIndia #StockMarketNEWS Cabinet approves PLI scheme for MMF & Technical Textile worth Rs. 10,683 cr New Delhi, Sept

@StockMarketNEWS Thu 09 Sep, 2021

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Cabinet approves PLI scheme for MMF & Technical Textile worth Rs. 10,683 cr #FinanceIndia #StockMarketNEWS
Cabinet approves PLI scheme for MMF & Technical Textile worth Rs. 10,683 cr New Delhi, Sept 8 (KNN) The Union Cabinet has approved the Production Linked Incentive (PLI) Scheme for MMF and technical textiles worth Rs 10,683 crore for five years.

The Union Cabinet has approved the PLI Scheme for Textiles for MMF Apparel, MMF Fabrics and 10 segments/ products of Technical Textiles with a budgetary outlay of Rs. 10,683 crore, according to an official statement.

PLI for Textiles along with RoSCTL, RoDTEP and other measures of Government in sector e. g. providing raw material at competitive prices, skill development etc will herald a new age in textiles manufacturing. PLI scheme for Textiles is part of the overall announcement of PLI Schemes for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of Rs. 1. 97 lakh crore.

With the announcement of PLI Schemes for 13 sectors, minimum production in India is expected to be around Rs. 37. 5 lakh crore over 5 years and minimum expected employment over 5 years is nearly 1 crore.

PLI scheme for Textiles will promote the production of high-value MMF Fabric, Garments and Technical Textiles in the country. The incentive structure has been so formulated that the industry will be encouraged to invest in fresh capacities in these segments.

This will give a major push to growing high-value MMF segment which will complement the efforts of cotton and other natural fiber-based textiles industry in generating new opportunities for employment and trade, resultantly helping India regain its historical dominant status in global textiles trade.

The Technical Textiles segment is a new age textile, whose application in several sectors of the economy, including infrastructure, water, health and hygiene, defense, security, automobiles, aviation, etc. will improve the efficiencies in those sectors of the economy. The government has also launched a National Technical Textiles Mission in the past for promoting R&D efforts in that sector. PLI will help further, in attracting investment in this segment.

There are two types of investment possible with a different set of incentive structure. Any person, (which includes firm/company) willing to invest minimum ?300 Crore in Plant, Machinery, Equipment and Civil Works (excluding land and administrative building cost) to produce products of Notified lines (MMF Fabrics, Garment) and products of Technical Textiles shall be eligible to apply for participation in the first part of the scheme.

In the second part any person, (which includes firm/company) willing to invest minimum ?100 Crore shall be eligible to apply for participation in this part of the scheme.