PLI scheme for apparel sector on the anvil
In order to increase domestic manufacturing and exports, the government is considering implementing the production-linked incentive PLI Scheme programme for the garment sector, according to Commerce and Industry Minister Piyush Goyal on Saturday.
He claimed that talks on it are currently taking place between the department for the promotion of industry and internal trade (DPIIT), the textiles ministry, and Niti Aayog.
“We are considering launching a new PLI Scheme programme in order to support the garment manufacturing industry. There is communication going on between textiles, DPIIT, and Niti Aayog, and soon we will be coming up with a plan that we will present to the Cabinet for their approval “Goyal said the local reporters.
For more than a dozen industries, including man-made fibre, technical textiles, white goods, medical devices, vehicles and auto components, the government has announced the PLI Scheme programme, with an outlay of Rs 1.97 lakh crore.
Additionally, he stated that the exports of textiles are growing at a strong rate and could surpass US$100 billion (about Rs. 8 lakh crore) in the next five years from their current level of US$44 billion.
He claimed that within the next five years, the Indian textile industry hopes to double its production to Rs 20 lakh crore.
The minister said, “This will support startups and MSMEs, attract investments, and assist create job possibilities.”
Goyal, who also holds the textile portfolio, was questioned about any plans to extend the waiver of customs duty on imported cotton past September 30. He responded that the price of cotton textiles is decreasing and “I do not think there is a need to extend it beyond September, but if required, we may extend it for a month.”
The early conclusion of trade pact negotiations with India is important to regions like the GCC (Gulf Cooperation Council) and the Eurasian Economic Union as well.
The minister stated that “this series of FTAs will offer our exporters a competitive edge in boosting exports and creating jobs and attract thousands of crores of investments all throughout India.”
Pradhan Mantri Jan Aushadhi Yojana
As part of the Pradhan Mantri Jan Aushadhi Yojana, Goyal added that the textiles and pharmaceutical ministries would try to make sanitary napkins accessible to all.
He claimed that about National Textile Corporation “We should allow the private sector to operate while we assess NTC’s ability to operate commercially and competently. It has not yet been “.
Regarding the Mega Integrated Textile Region and Apparel (PM MITRA) parks programme, he stated that the ministry is now reviewing the applications from numerous states, including Tamil Nadu, who have submitted allocations to establish Mega Integrated Textile Region and Apparel parks.
In order to firmly establish India on the global textile map, the Union Cabinet has approved the establishment of 7 Mega Integrated Textile Region and Apparel Parks with a total budget of Rs 4,445 crore for five years.
Goyal stated that negotiations for free trade deals with Israel, the European Union, the United Kingdom, and Canada are moving quickly.