Indian Economy News

Union Textiles Minister Mr. Piyush Goyal commends the industry for enthusiasm in setting up and expanding businesses in the upcoming PM MITRA Parks

The Union Minister of Textiles, Commerce and Industry, Consumer Affairs, Food and Public Distribution, Mr. Piyush Goyal, has urged the textile industry to collaborate and partner for R&D and innovation in order to make greater strides in the sector.

He was presiding over an Industry Interaction on "Investment Opportunities in the Textiles Industry under the PM MITRA Scheme". The Minister also lauded Gujarat, Karnataka, MP, Maharashtra, Telangana, Tamil Nadu, and Uttar Pradesh for creating a robust textile industry environment. Mr. Goyal praised the industry for its eagerness to establish and expand operations in the forthcoming Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) Parks.

The minister also encouraged the industry to make use of the Ministry of Textiles' current attractive initiatives, such as the National Technical Textiles Mission and the Scheme for Capacity Building in the Textile Sector (Samarth).

He also proposed establishing a dedicated Invest India desk inside the Ministry of Textiles to help and support firms hoping to establish or expand their manufacturing base to satisfy rising worldwide demand in the sector.

The industrial interaction centred around the themes of sustainability, the establishment of R&D centres, making new factories in the PM MITRA, ESG (environmental, social, and governance) compliant and ensuring value-added products are made in the upcoming parks.

The Minister emphasised the importance of developing these parks in phases to maximise resource utilisation and better integrate the textile value chain. He said, “It was suggested that two 5 member Action Teams be set up to study ESG norms and model park design in line with global leading practices for upcoming units in the PM MITRA parks.

The scheme for the establishment of 7 PM MITRA Parks was announced in the Union Budget for 2021-22, inspired by the Prime Minister's 5F vision of building an Aatmanirbhar Bharat and positioning India strongly on the global textiles map.

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