As the Government has announced the sites for setting up 7 PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks for the textile industry, Union Minister of Textiles Piyush Goyal has said that with this initiative, nearly Rs 70,000 crore investment and 20 lakh employment generation is envisaged
Centre and States to form SPVs in JV mode for setting up PM MITRA Parks and Parks will offer an opportunity to create an integrated textiles value chain right from spinning, weaving, processing/dyeing and printing to garment manufacturing at a single location
The minister said that world-class industrial infrastructure would attract cutting-edge technology and boost FDI and local investment in the sector. Integrated Textile Value chain at one location in each park will reduce the logistics cost of the industry.
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It is expected that these parks will enhance the competitiveness of the textiles industry by helping it achieve economies of scale as well as attract global players to manufacture in India.
The Ministry of Textiles (MOT) will oversee the execution of these projects. MOT will provide financial support in the form of Development Capital Support up to Rs 500 crore per park to the Park SPV.
A Competitive Incentive Support (CIS) up to Rs 300 crore per park to the units in PM MITRA Park shall also be provided to incentivise speedy implementation. Convergence with other GOI schemes shall also be facilitated in order to ensure additional incentives to the Master Developer and investor units.
The parks will offer excellent infrastructure, plug-and-play facilities as well as training and research facilities for the industry.
