Govt on Wednesday, September 8, approved Rs 10,683 crore to Production Linked Incentive (PLI) scheme for the textile sector aiming to boost domestic manufacturing and exports.
The decision was taken at a cabinet meeting chaired by Prime Minister Narendra Modi. According to the government, the textile sector will be given incentives for a period of five years.
The PLI scheme approved for the MMF (man-made fiber) sector apparel, MMF fabric, and 10 segment products or technical textiles with a budget expense of Rs 10,683 crore.
The Production Linked Incentive Scheme for Textiles, with a cost of Rs 1.97 lakh crore, is part of the overall announcement of the scheme for 13 sectors earlier done during Budget 2021-22.
With PLI schemes for these 13 sectors, the minimum production in the country is expected to be around Rs 37.5 lakh crore over a period of five years, and the minimum expected employment in five years is around Rs 1 crore.
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