Cabinet Sanctions 10,683 crore PLI Scheme for Textiles
The Union Cabinet has approved a PLI Scheme for Textiles for MMF Apparel, MMF Fabrics & 10 segments/products of Technical Textiles Bhilwara Tech16.320.77 (4.95 percent)TOP INSIGHTZero Debt BurdenCompany has no debt since last 5 years.
The scheme, part of 13 identified sectors, some of which have already been approved by the Union Cabinet, is expected to boost manufacturing activities, add jobs and help scale up textile exports. This scheme focuses on production of man-made fibre and technical textiles and is crucial in achieving self-reliance in the sector, while cutting down imports.
In a press conference, Piyush Goyal says, "We hope that this decision will produce some global champions. The factories based around aspirational districts or Tier-3 & Tier-4 cities will be given priority. It will especially benefit Gujarat, UP, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana and more.”
The government is hoping that incentives offered under the PLI scheme will create select group of world-class global champion companies in MMF and technical textile segments, which have the potential to grow, both in size and scale, using cutting-edge technology and thereby penetrating global value chains.