Cabinet briefing: Cabinet approves Rs 10,683 cr PLI scheme for textile sector

India is also working on Free Trade Agreements (FTAs) with Western countries like the UK, EU and the UAE. "We are planning to correct the tariff restrictions on Indian products. We are trying to cover this disability in the FTAs. FTAs can't be done in hurry. FTAs done in a hurried manner in the past have hurt the Indian interests. That is the reason India opted out of RCEP. Our principle for FTA is reciprocity," says Goyal.

"Textile is used in defence, health sector. India is now the second largest maker of PPE. The government is committed towards the textile sector and is holding continued deliberations with stakeholders," says Union minister Piyush Goyal

Two category identified for PLI Scheme in textile:

a) investment upto 100 Cr b) investment upto 300 Cr

Goyal says several initiatives like raw material availability at the right price have been taken by the government. Policy initiatives taken during the Modi regime have been unprecedented, he adds.

Piyush Goyal says the PLI scheme guidelines will focus on several factors. "Priorities to be given to those companies setting up units in aspirational districts," he adds.

Textile Minister Piyush Goyal says with every incremental investment in the textile sector, employment is created. "Traditionally we have invested in cotton. Today 2/3rd of global market is of man-made textile. The PLI scheme has been approved to facilitate India's contribution in this ecosystem," he adds.

This will make Indian textile sector globally competitive. The PLI scheme will provide direct benefit to over 7.5 lakh people.

Cabinet has given its approval to PLI Scheme worth Rs 10,683 crore in textile, India Today reported citing sources. The Rs 10,683 crore package has been approved for 10 different products for a period of five years.

Cabinet briefing is being held at the National Media Centre, New Delhi.