PM MITRA Parks to Attract Rs 70,000 Crore Investment in Textile Sector
The Indian government has greenlit the establishment of seven PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks, aimed at revolutionizing the textile sector with world-class infrastructure and significant investment. Minister of State for Textiles, Pabitra Margherita, announced in the Rajya Sabha that these parks will be developed across both greenfield and brownfield sites with an overall budgetary outlay of Rs 4,445 crore over seven years, until 2027-28.
The seven sites finalized for these parks include Virudhnagar in Tamil Nadu, Warangal in Telangana, Navsari in Gujarat, Kalaburagi in Karnataka, Dhar in Madhya Pradesh, Lucknow in Uttar Pradesh, and Amravati in Maharashtra. Each park is projected to draw investments, both foreign and domestic, worth around Rs 10,000 crore, significantly boosting the local economy and strengthening the textile ecosystem in these regions.
To ensure effective implementation, Special Purpose Vehicles (SPVs) have been incorporated for the five greenfield sites in Gujarat, Tamil Nadu, Karnataka, Madhya Pradesh, and Uttar Pradesh. For the brownfield sites in Maharashtra and Telangana, existing implementation arrangements will continue as per the scheme’s guidelines.
The PM MITRA Park Scheme provides Development Capital Support (DCS) for creating core infrastructure, with the Centre contributing up to 30% of the project cost. This support is capped at Rs 500 crore for greenfield sites and Rs 200 crore for brownfield sites. Additionally, Competitive Incentive Support (CIS) of up to Rs 300 crore per park will be available to manufacturing units, encouraging early establishment in the PM MITRA Parks.
The Ministry of Textiles will oversee the execution of these projects. Each park will be managed by an SPV jointly owned by the Centre and the respective state government, ensuring smooth implementation and operational efficiency.
This initiative is set to be a game-changer for India's textile sector, which is currently valued at Rs 12 lakh crore. The PM MITRA Parks are expected to create a robust infrastructure, attract significant investments, and generate large-scale employment, propelling the sector towards rapid growth and global competitiveness.
