Govt approves 61 proposals out of 67 received under PLI scheme for textiles
PremiumThe proposed investment expected from the approved applicants is ₹19,077 crore and the projected turnover is ₹184,917 crore
The central government has approved financial support for 61 out of the 67 applicants under the production linked incentive (PLI) scheme for textiles, said textile secretary UP Singh on Thursday.
According to Singh, the proposed investment expected from the approved applicants is ₹19,077 crore and the projected turnover is ₹184,917 crore.
The government had in December last year approved the PLI scheme for textiles products – MMF Apparel, MMF Fabrics and Products of Technical Textiles, for enhancing India’s manufacturing capabilities and enhancing exports with an approved financial outlay of ₹10,683 crore over a five-year period.
The scheme got Cabinet’s nod in September and is focused on expanding MMFs and technical textiles segments’ value chain to help India regain its dominant status in global textiles trade.
Any company/firm/LLP/trust willing to create a separate manufacturing firm under the Companies Act, 2013, and invest a minimum ₹300 crore, excluding land and administrative building cost, to manufacture notified products were eligible to get the incentive. This was subject to the entities achieving a minimum of ₹600 crore turnover by the first performance year.
Under the scheme, FY 2024-25 will be considered as the first performance year.
The textile ministry had started to accept online applications for textiles on 1 January 2022, via pli.texmin.gov.in/mainapp/Default portal.
Earlier, the application window was supposed to remain open from 01-01-2022 to 31-01-2022 but the deadline was extended multiple times.