The Ministry of Textiles (MoT) has received applications from 67 companies to avail benefits under the Production Linked Incentive (PLI) scheme for man-made fibres (MMF) and technical textile sectors.
The Textile Ministry’s initial target was to draw 60 companies.
The Government had cleared the Rs. 10,683-crore PLI scheme for the textile sector last year and it aims to strengthening domestic manufacturing, creating jobs and boosting exports.
The scheme covers 40 MMF garment items, 14 MMF fabric goods and 10 technical textile products.
Under the scheme, incentives will be extended for five years and it will remain operational until 2029-30.
Addressing an event of CII, UP Singh, Textiles Secretary said, “We have taken a number of steps to promote the growth of the technical textile sector. There has been a very good response for the PLI scheme.
He further added that 67 companies have made applications for being a part of the PLI for MMF and technical textiles and against our expectations of over Rs. 19,000 crore investments; these companies have shown that they would be investing Rs. 22,000-23,000 crore in the MMF and technical textiles.
As per media reports, Reliance Industries, Welspun, IndoRama Synthetics, Arvind Group,Bombay Dyeing, Vardhman Group, Trident and Shahi Exports are some of the leading companies that have come forward to apply for this scheme. The list of beneficiaries will be out soon.
MoT had extended the deadline twice for applying for incentives under this scheme to give more time to companies to weigh their investment plans.
Source : https://in.apparelresources.com/