The Ministry of Textiles (MoT) has said that private master developers will need to foot 70 per cent of the cost incurred in developing an integrated value chain in a mega textile park.
The availability of a real estate master developer would be a key condition for clearing proposals.
For seven parks, MoT has received proposals from 17 states like for the PM Mega Integrated Textile Region and Apparel (PM MITRA) scheme which has been allocated Rs. 4,445 crore for 7 years up to 2027-28.
With the aim of making the textile industry globally competitive, this scheme was first announced in Union Budget 2021.
Union Textiles Secretary UP Singh said, “We prefer a private master developer who will put in 70 per cent of the total investment. The other 30 per cent will be given by the Union Government. A master developer will be a real estate player rather than a textile player. The shortlisting for the first phase will be done shortly and the criteria for the second phase will be done on the basis of the availability of the master developer.”
The developers could choose to set up parks where the possibility of returns is high.
Source : https://in.apparelresources.com/