Friday, September 24, 2021

Union Cabinet approves Production Linked Incentive Scheme for Textiles

Union Cabinet on Wednesday approved the Production Linked Incentive Scheme for Textiles. Under it, the incentives worth 10,683 crore rupees will be provided over five years. Briefing reporters in New Delhi, Textiles Minister, Piyush Goyal said, this will positively impact states like Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana and Odisha. He said, the decision will help in creating additional employment of over 7.5 lakh people directly and several lakhs more for supporting activities.

The scheme will promote production of high value Man Made Fabric, Garments and Technical Textiles in the country. The incentive structure has been so formulated that industry will be encouraged to invest in fresh capacities in these segments. This will give a major push to growing high value Man Made  Fiibre segment which will complement the efforts of cotton and other natural fibre-based textiles industry in generating new opportunities for employment and trade.

Talking to AIR News, Minister of State for Textiles Darshana Jardosh said, it is expected that the scheme will result in fresh investment of above 19,000 crore rupees and additional production turnover of over three lakh crore rupees in five years.

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