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Textile PLI approved 61 firms including Shahi Exports, Madura and Monte Carlo

61 applications have been authorised under the Production Linked Incentive (PLI) scheme for textiles, including Shahi Exports, Madura Industrial Textiles, Monte Carlo Fashions, and Arvind Ltd.

“The Selection Committee chaired by Secretary, Ministry of Textiles, UP Singh has selected 61 applicants under Production Linked Incentive (PLI) Scheme for Textiles. A total of 67 applications were received for the PLI scheme out of which 15 applications are under Part-1 and 52 applications are under Part-2,” an official statement said.

Last year, the government approved the PLI programme for textiles items, including MMF garments, MMF fabrics, and technical textiles, with a financial investment of Rs 10,683 crore over a five-year period in order to improve textile manufacturing capabilities in the nation and encourage exports. There are two sections to the scheme. Part one requires a minimum investment of Rs 300 crore and a minimum turnover of Rs 600 crore to qualify for the incentive. Part two requires a minimum investment of Rs 100 crore and a minimum turnover of Rs 200 crore to qualify for the incentive.

Textiles Secretary UP Singh told the reporters that the total investment envisaged from the applicants in the 61 applications accepted is Rs 19,077 crore, with a projected turnover of Rs 1,84,917 crore over a five-year period. A total of 2,40,134 direct jobs are expected to be created as a result of the new investment. According to the official release, Avgol India, Cubatics Industries, Goa Glass Fibre, H P Cotton Textile Mills, Himatsingka Seide, and Kimberly Clark India have been selected for the PLI scheme under phase one.

Part one of the textile PLI plan also covers Paragon Apparel, Pratibha Syntex, Shahi Exports, Shree Durga Syntex, and Trident Ltd. AYM Syntex, Kennigton Industries, MI Industries India, Silkon Synthetics & Cotton Dyeing Pvt Ltd, Youngman Woolen Mills, and Autoliv India are among the companies that have gained permission under phase two of the plan. Despite the fact that India is the world’s largest exporter of cotton, UP Singh stated that “if we were to accomplish the textile export objective of $100 billion by 2030, we needed to establish our mark in man-made fibers as well.” Cotton import duties have been abolished by the federal government in order to encourage the sector’s growth.

 

 

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