The Ministry of Textiles (MoT) has announced that seven PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks have inked investment memorandums of understanding (MoUs) with an estimated investment potential of over US $ 2.16 billion (Rs. 18,500 crore). The chosen states and special purpose vehicles (SPV) have begun work to supply infrastructure, such as roads, power, and water, up to the park gate, according to its year-end evaluation.
“The entire 100 per cent land has been acquired and given to SPV”, according to a statement from the ministry, which also added that the PM MITRA sites in Gujarat, Uttar Pradesh, Tamil Nadu, Karnataka, and Telangana are eligible for environmental clearance.
Nearly 2 per cent of the nation’s GDP, 10 per cent of industrial production, 8.21 per cent of all exports from India, and over 45 million direct jobs are provided by the textile sector.
With 3.91 per cent of global textile exports, India ranks as the sixth-largest textile exporter. The value of domestic textile and clothing production is about US $ 175.7 billion. US $ 35.87 billion was generated by exports in 2023–2024.
Cotton Corporation of India (CCI) has started MSP procurement operations in October 2024 and has already purchased about 42.11 lakh bales, valued at US $ 1.89 billion (Rs. 16,215 crore), under MSP Operations till 22nd December 2024, according to the MoT’s statement.
According to the report, “The above procurement under MSP operations have benefited approximately 7.75 lakh cotton farmers in all cotton growing states, and the total production under cotton is at the top position globally.”
