To attract funding in the manmade fibre (MMF) segment, Indian textile and apparel industry will soon get Focused Product Investment Scheme.
As per Textile Secretary Ravi Capoor, this proposed scheme aims to promote both Greenfield and Brownfield investments in the MMF segment. He shared this information while addressing a webinar.
The scheme is especially designed for Greenfield and Brownfield investment in the manmade section. So, for top 40 lines, which are traded in the world in MMG, Government will incentivise in a big way.
Under Greenfield investment, a firm invests its new facilities, whereas under Brownfield funding takes place when a company buys or leases an existing facility.
It is pertinent to mention that MMF segment comprises 70 per cent of the global textiles business. Indian garment export is lacking on the export of MMF-based garments. With this scheme, there are enough chances that India will grow in this segment.
Textile Secretary assessed that the MMF sector is expected to attract large investments once the scheme rolls out.
