Indian Economy News

PM MITRA Parks to Create 3 Lakh Jobs and Attract Global Investors

The Indian Government is consistently striving to advance the textile sector by establishing modern, integrated textile facilities across the country. Under the Scheme for Integrated Textile Park (SITP), approval has been granted for 50 textile parks, including 12 in Maharashtra, with the goal of attracting investment, generating employment, and enhancing export competitiveness. Of these, 30 parks have been finalized, while 20 are at various stages of development. The Central Government has allocated a total grant of Rs. 1,532 crore (US$ 170 million) so far. SITP has now been incorporated into the Textile Cluster Development Scheme (TCDS) to aid in the completion of ongoing projects. To further boost growth driven by textiles, the Government has suggested seven PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks located in Tamil Nadu (Virudhnagar), Telangana (Warangal), Gujarat (Navsari), Karnataka (Kalaburagi), Uttar Pradesh (Lucknow), Madhya Pradesh (Dhar), and Maharashtra (Amravati).These parks are projected to cost a total of Rs. 4,445 crore (US$ 494.45 million) for the timeframe extending up to 2027–28. Each park is anticipated to create around 3 lakh direct and indirect jobs, thereby bolstering both domestic production and export performance.Each park is expected to generate nearly 3 lakh direct and indirect jobs, strengthening both domestic manufacturing and export performance.
Under Development Capital Support, Rs. 50 crore (US$ 6 million) each has been sanctioned for Tamil Nadu and Madhya Pradesh, and Rs. 30 crore (US$ 3.6 million) each for Maharashtra and Telangana. The Government has also received significant investment interest amounting to Rs. 42,491 crore (US$ 4.74 billion) from domestic and international companies.

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