ITTA praises government's approval of PLI scheme for textile manufacturers
The Indian Technical Textile Association has praised the central government’s decision to approve the production-linked incentive scheme for man-made fibre textiles, technical textiles, and apparel.
“PLI is a landmark scheme and will give a new lease of life to MMF and technical textiles segments,” said ITTA chairman S K Sundararaman, TNN reported. The PLI scheme will swiftly facilitate the acceleration of business in the sector and enable businesses to become well known internationally, he said.
Along with MMF textiles and garments, the PLI scheme also covers 10 categories of technical textiles. The scheme is designed to boost investment and offers two different investment models for the sector. The first is a Rs 300 crore ($45 million) investment and the second is a Rs 100 crore investment, both of which have their own incentive rates over a five-year period.
The scheme presents numerous states which already have a significantly sized textile industry, including Gujarat, Telangana, Punjab, Andhra Pradesh, Rajasthan, Tamil Nadu, and Maharashtra, with a chance to attract fresh investment, according to Sundararaman. The Union Government aims to see the investments made in many Tier 3 and 4 towns to boost the rural economy and create employment opportunities.
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