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PLI scheme finalised for textile sector; to be taken up by Cabinet soon

PLI scheme finalised for textile sector; to be taken up by Cabinet soon

The scheme, expected to provide incentives of around Rs 7,000 crore for man-made fibre apparel, and around Rs 4,000 crore for technical textiles, is aimed at reviving labour-intensive Indian textile sector

In the recent past, Indian textile exports have lost ground to Bangladesh and Vietnam In the recent past, Indian textile exports have lost ground to Bangladesh and Vietnam

The Production Linked Incentive (PLI) scheme for the Indian textile sector has been finalised, with Union Textile Minister Piyush Goyal signing the proposal earlier today. Stating this, government sources added the scheme would soon be taken up by the Union Cabinet for approval.

The scheme, expected to provide incentives of around Rs 7,000 crore for man-made fibre (MMF) apparel, and around Rs 4,000 crore for technical textiles, is aimed at reviving the labour-intensive Indian textile sector.

Also read: PLI scheme effect! This local manufacturer plans to invest Rs 500 crore in 3 years

The Union government had announced an outlay of Rs 1.97 lakh crore for PLI schemes

In the recent past, Indian textile exports have lost ground to Bangladesh and Vietnam. The PLI scheme is an effort to boost Indian textile manufacturing and increase exports.

The Union government had announced an outlay of Rs 1.97 lakh crore for PLI schemes for 13 sectors in the budget for 2021-22.

The scheme is expected to cover around 40 MMF apparel product categories and around 10 in the technical textile category. An incentive of 3 to 11 per cent of the incremental revenues' year-on-year for five years may be provided to existing as well as proposed investments in the sector.

Also read: PLI scheme for specialty steel a game changer, to spur domestic output: Govt