Textiles PLI scheme attracts Rs 1,536 crore in investments
The Union Government’s Production Linked Incentive scheme for the textiles industry has attracted Rs 1,536 crore in investment to the industry. The initiative is part of the government’s plan to increase production in the textiles sector.
The government sent out 56 approval letters to PLI scheme applicants after confirming that they met the eligibility criteria, ET Bureau reported. The PLI scheme was launched to promote man-made fibre apparel and textiles as well as technical textiles and related products to enable India to increase its competitiveness on the global market.
“Selection Committee chaired by Secretary [Textiles] has selected 64 applicants under the scheme,” said the government in an official statement on December 26, the Press Trust of India reported. “56 applicants have completed the mandatory criteria for the formulation of a new company and approval letters have been issued to them. Investment to the tune of Rs 1,536 crore has been made so far.”
The government assessed applications made between January 1 and February 28 this year. The applications were submitted through a web portal and came from businesses from across the country. The initial outlay for the PLI scheme by the government was Rs 10,683 crore.
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