The Government of India is constantly striving to promote the textile industry in the country and the world. The government is trying to make the textile industry self-reliant under the new PLI. The government believes that with the expansion of this sector, employment will also be available.
To give impetus to the textile sector, the ministry has taken an important decision. The Ministry of Textiles has approved the proposal for Production Linked Incentive or PLI Scheme. Senior sources in the ministry said the proposal has been approved on Friday and may soon be sent for the approval of the Union Cabinet. The government had allocated Rs 10,680 crore in July to boost or revive the sluggish textile industry. With this money, the government has set a target to promote apparel, strengthen employment and export potential.
Investment potential in greenfield and brownfield
The main focus of the Production Linked Incentive (PLI) scheme will be 40 product categories under Man-Made Fiber (MMF) and 10 product categories under Technical Textiles. The implementation of the PLI scheme is likely to encourage investment in greenfield (new companies being set up) and brownfield (companies which are already in operation). Sources said that the aim is to take the PLI scheme globally through the Focus Product Incentive Scheme (FPIS) in the man-made fiber and technical textiles sector by providing incentives ranging from 3 per cent to 15 per cent on fixed incremental turnover for five years.
Packages for the Textile and Apparel Sector
In fact, to promote the textile industry, the BJP government under the leadership of Modi has been trying to advance ever since it came to power. The government had announced a special package for this sector in June 2016, under which Rs 6,000 crore was given. These funds were used to boost employment and export potential in the apparel and made up segments.
About 6 crore people are associated with the textile industry
Significantly, the textile industry has a major contribution in the Indian economy. After agriculture, a large number of people are associated with the textile industry or production. If we look at the figures, directly 4.5 crore and indirectly 6 crore people work in this industry.