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Monday, 13 September 2021

MITRA scheme may get Cabinet approval in 2 weeks

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After the PLI (Production Linked Incentive) scheme, now Union Cabinet may clear proposed scheme to set up seven Mega Integrated Textile Region and Apparel (MITRA) Parks in the next fortnight.

The scheme was announced in budget FY22; notably, the MITRA parks will also have uninterrupted water and power supply, common utilities and research and development labs.

As per media reports, Upendra Prasad Singh, Secretary Textiles said, “In another 15 days’ time, we hope to get approval for the mega textile parks. We are going with seven parks which would be selected on the basis of the challenge method.”

He also added that one thing which is non-negotiable is 1,000 acres of land. Other factors like raw material availability, road connectivity and power availability too would be crucial.

These parks are crucial to attract foreign direct investment (FDI). From April 2000 to September 2020, India’s textile sector received Rs. 20,468.62 crore (US $ 3.4 billion) of FDI, which is just 0.69 per cent of the total FDI inflows during the period.

Many Indian states across India are trying their best to get at least one park, and ministers from these states have also held meetings with the Union Textile Minister Piyush Goyal.

Ministry of Textiles (MoT) has proposed to set up these parks on over 1,000 acres in the next three years, on the lines of China and Vietnam. These parks will have integrated facilities, plug-and-play infrastructure and quick turnaround time to minimise transportation losses, aimed to attract big-ticket investments in the sector.

Source : https://in.apparelresources.com/