To help the textile sector achieve a positive growth trajectory, the Government intends to put corrective measures into place. India is the sixth-largest textile and clothing exporter in the world, and its domestic textile and garment sector makes up roughly 2.3 per cent of the GDP of the nation.
According to two sources close to the development, the Centre may add more product lines, such as T-shirts and innerwear, under the approximately Rs. 11,000-crore production linked incentive (PLI) scheme for the textile sector.
According to the sources, the Government will also give an applicant more time to build up the facility—more than three years—instead of only two.
The Centre intends to modify the September 2021-approved programme to improve its efficacy because it hasn’t increased India’s textile exports, which fell 11.69 per cent from US $ 16.24 billion in 2018 to US $ 14.34 billion in 2023.
According to the article, the Government is thinking about reorganising the PLI programme in industries with sluggish growth or maybe doing away with it in industries with minimal investor interest and little advancement.
Industry participants believe that the programme would perform better if the minimum admission requirement were lowered to allow smaller players to take advantage of it as well.
