Announcement to launch mega scheme for textile sector, know what will be special

Government will improve 'health' spending of economy affected by epidemic (News18 Graphics)

Government will improve ‘health’ spending of economy affected by epidemic (News18 Graphics)

Textile Parks News: Modi government has announced the creation of a mega textile park to give a boost to the textile industry. Finance Minister Nirmala Sitamaran has announced a special scheme for textiles sector in the General Budget 2021-22.

  • News18No
  • Last Updated:February 2, 2021, 1:06 AM

new Delhi. On Monday, Finance Minister Nirmala Sitharaman presented the General Budget-2021-22 on behalf of the Modi government. The Finance Minister made it clear at the beginning of the budget speech that the general budget of this time will be based on 6 pillars. One of them is infrastructure. Under this, Nirmala Sitharaman has made a big announcement on February 1 as a commitment to provide better infrastructure to the industry. He has announced a Mega Park Scheme to give further momentum to the textiles sector. Through this, efforts will be made to provide proper facilities to this sector in one place, so that the production can be made more competitive globally. With the Mega Textile Park Scheme, the Modi government wants to further accelerate the manufacturing sector and develop India as an export hub globally.

Announcing the launch of the mega textile scheme in the budget speech, Finance Minister Nirmala Sitharaman said, “The scheme will be launched to invest on a large scale in the textiles sector. This production will be in addition to Linked Incentive (PLI). He further informed that under this scheme 7 mega textile parks will be built in the next 3 years. All types of integrated facilities will be available in these textile parks, so that the loss due to transportation can be minimized. Also, there is a plan to attract investment through this scheme so that India can compete with other leading countries in textile exports.

It is worth noting that the Ministry of Textiles had said a few days ago to consider the Mega Integrated Textile Region Andal Apparel (MITRA) Park Scheme. It was said to consider developing them on 1,000 acres. Approval has been given to develop 59 such textile parks, out of which 22 have already been completed. Apart from research and research, facility of modern lab will also be available here. Explain that the PLI scheme was announced for 10 sectors including textiles and automobiles.

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