The Textiles Ministry has stated that over US $ 1.07 billion in investment is anticipated to flow through the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and Production Linked Incentive (PLI) plan in the next three to five years, with the country’s textiles sector likely to reach US $ 350 billion by 2030.
Referring to the August export figures, it stated that “India’s textiles sector is set for significant expansion, with an 11 per cent year-on-year growth in readymade garments of all textiles exports signalling a bright future.” A total of US $ 119 million is anticipated to be invested in each of the seven PM MITRA parks that have been approved nationwide. It is anticipated that they will produce approximately 200,000 direct jobs and 200,000 indirect jobs.
The Ministry stated, “The purpose of the PLI Scheme, which has a projected total investment of over US $ 334 million and a projected turnover of over US $ 23.82 billion, is to encourage the manufacturing of technical textile products and apparel made of manmade fibre (MMF) in the nation in order to help the textile industry grow in size and scope.” The programme is expected to create nearly 250,000 jobs. The hopeful news of several investment choices in the works are considered “healthy portents for the industry,” according to the Ministry.
