Indian Economy News

Govt okays 61 firms for textiles PLI scheme, aims Rs 19,077 cr investment

  • IBEF
  • April 18, 2022

For textiles production, the government authorised financial aid to 61 enterprises under the Production linked incentive (PLI) scheme, including seven international companies. These firms intend to invest Rs. 19,077 crore (US$ 2.5 billion).

Part one of the scheme includes 13 companies, including Shahi Exports, Paragon Apparel, and Trident, with a minimum investment of Rs. 300 crore (US$ 39.28 million). Part two has 48 enterprises with a minimum investment of Rs. 100 crore (US$ 13.09 million), including Arvind Ltd, Suchi Industries, and SVP Global Textiles.

During the gestation period, seven international companies—US-based Autoliv and Kimberly Clark, Israel's Avgol, South Korea's Evertop Textile & Apparel Complex, Germany's Rane TRW Steering Systems, Sri Lanka's Teejay, and Japan's Toray International—have committed investments totalling Rs. 1,904 crore (US$ 249.28 million) and a total investment of Rs. 3,559 crore (US$ 465.96 million).

Secretary of the Ministry of Textiles Mr. UP Singh stated that if India is to meet its US$ 100 billion textile export aim by 2030, it must also make a mark in manufactured fibres (MMF). The programme was approved by the Union Cabinet on September 8 last year, with a budgeted investment of Rs. 10,683 crore (US$ 1.39 billion). Man-made fibre (MMF), garments, and technical textiles production and trade in India were boosted by the scheme.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.