The Union Cabinet on September 8 approved a Production Linked Incentive (PLI) scheme for the textile sector for man made fiber apparel, fabrics and other 10 segments of technical textiles with a budgetary outlay of Rs 10, 684 crore over the next five years.
The scheme is expected to boost manufacturing activities, add jobs and help scale up textile exports.
The idea behind the scheme is to focus on man-made fibre and technical textiles and is crucial in achieving self-reliance in the sector, while cutting down on imports.
Addressing media post cabinet meeting, Piyush Goyal said, “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 etc.”
The government envisages that the scheme would enable in creation of select champion players amongst global world-class companies in the man made fiber segment and technical textile segment.