Indian Economy News

Seven PM MITRA (Pradhan Mantri Mega Integrated Textile Region and Apparel) Park sites announced by the Government of India

The Government of India revealed the locations for the construction of the 7 PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks for the textile sector. The Parks will be built in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra.

The PM MITRA Parks is a significant step in achieving the Government's goal of making India a global textile manufacturing and export centre. They are inspired by Prime Minister Mr. Narendra Modi's 5F vision, which stands for Farm to Fibre to Factory to Fashion to Foreign.

From 18 suggestions for PM MITRA parks that were received from 13 States, these 7 locations were chosen. The execution of these projects will be supervised by the Ministry of Textiles.

Using a transparent challenge method, eligible states and sites were assessed according to objective standards that considered a range of elements, including connectivity, the existing ecosystem, textile and industry policy, infrastructure, utility services, etc. It was further validated using the PM Gati Shakti-National Master Plan for Multi-modal Connectivity. PM MITRA Parks will contribute to the development of top-notch industrial infrastructure that will draw substantial investment, including foreign direct investment (FDI), and promote innovation and job growth in the industry.

For each park, a Special Purpose Vehicle (SPV) owned by the federal and state governments will be established, and it will oversee the project's execution. The Ministry of Textiles would offer financial assistance to the Park SPV in the form of Development Capital Support up to US$ 60.61 million (Rs. 500 crore) per park. A Competitive Incentive Support (CIS) of up to US$ 36.36 million (Rs 300 crore) per park will also be granted to PM MITRA Park units to encourage rapid implementation.

 State governments will provide a contiguous and encumbered-free land parcel of at least 1000 acres, as well as enable the provision of all utilities, a reliable power supply and water availability, a wastewater disposal system, an effective single window clearance, and a congenial and stable industrial/textile policy.

PM MITRA Parks represent a unique paradigm in which the Centre and State Governments would collaborate to enhance investment, foster innovation, create job opportunities, and ultimately make India a global textile manufacturing and export centre.

These parks are expected to generate over US$ 8.48 billion (Rs. 70,000 crores) in investment and create 20 lakh jobs.

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