Textile ministry receives purposes from 67 corporations for PLI in man-made fibres, technical textiles

The textile ministry has acquired purposes from as many as 67 firms to avail advantages of the manufacturing linked incentive (PLI) scheme for man-made fibres and technical textile sectors, a prime authorities official mentioned on Saturday.

The PLI scheme for textiles covers 40 man-made fibre (MMF) garment gadgets, 14 MMF material items and 10 technical textile merchandise.

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The federal government had authorised the PLI scheme value Rs 10,683 crore for the sector with an goal to spice up home manufacturing, create jobs and promote exports.

“We now have taken various steps to advertise progress of the technical textile sector. There was an excellent response for the PLI scheme.

“As many as 67 companies have made applications for being a part of the PLI for MMF and technical textiles and against our expectations of over Rs 19,000 crore investments, these companies have shown that they would be investing like Rs 22,000-23,000 crore in the MMF and technical textiles,” Textiles Secretary U B Singh mentioned at a CII occasion.

The technical textiles (techtex) phase is a dawn sector and holds enormous potential for progress, he mentioned.

It’s utilized in completely different areas resembling development, street, railways, healthcare, car, and agriculture. The market measurement of the sector in India is about USD 20 billion. The worldwide market measurement is about USD 260 billion.

Sooner improvement of infrastructure, growing demand for passenger automobiles, healthcare, sports activities and consciousness about private hygiene are a few of the causes for wholesome progress of the sector, he added.

The growing potential must be tapped via creation of consciousness, elimination of coverage bottlenecks and creating extra requirements.

Principal Scientific Advisor to the Centre Okay Vijay Raghavan emphasised on the necessity for growing R&D investments within the phase.

Talking on the convention, Minister of State for Textiles Darshana Vikram Jardosh mentioned bulletins like PLI scheme, PM-MITRA, and Nationwide Technical Textiles Mission would assist in selling progress of the sector.

“Huge scope is there to tap the global market in the sector,” she mentioned.

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