Budget 2021: 7 textile parks to be set up over 3 years, announces FM
BusinessToday.In February 1, 2021
Finance Minister Nirmala Sitharaman has announced that seven textile parks will be set up across the country over three years. This will create a world-class infrastructure with plug-and-play facilities to enable create global champions in export, FM Sitharaman added.
"To enable the textile industry to become globally competitive, attract large investments and boost employment generation, a scheme of Mega Investment Textiles Parks (MITRA) will be launched in addition to the PLI scheme," the Finance Minister said.
"This will create world class infrastructure with plug and play facilities to enable create global champions in exports. Seven textile parks will be established over 3 years," she further said.
To further help the textile industry, FM Sitharaman announced reduction in basic customs duty (BCD) for raw material required for manufacturing man-made textiles.
FULL COVERAGE: Budget 2021