Following an enthusiastic response to Production Linked Incentive (PLI) scheme, the Government will soon put up before the Cabinet another PLI scheme –for apparel manufacturing.
Importantly, dialogue is going on amongst the textiles ministry, Department for Promotion of Industry and Internal Trade and Niti Aayog.
Textiles Minister Piyush Goyal announced this at the SIMA Texfair in Coimbatore.
The Minister said, “We are keen to support the apparel manufacturing sector and we are considering to come out with another PLI scheme. In consultation with industry participants, we will be shortly devising a scheme which we will put up before the Cabinet for their approval.”
Also Read: PLI 2.0: Industry insists investment threshold should be Rs. 25 crore!
The Government had announced PLI scheme, with an outlay of Rs. 10,683 crore, for man-made fibre, technical textiles and has approved 61 applications with an investment potential of Rs. 19,077 crore.
With this investment, the projected turnover is Rs. 184,917 crore over a period of 5 years.
Also Read: These 61 companies get approval under PLI scheme for textiles!
The Minister also said that India and Canada have agreed to finalise an Early Harvest Agreement before the end of 2022.
“The GCC, EFTA and Eurasian Economic Union countries are also asking India to conclude FTAs with them. We are confident that these FTAs will give a competitive edge,” the Minister said.
On the National Textile Corporation, the Minister averred “We should allow the private sector…we are examining whether NTC can run professionally and profitably. So far it hasn’t been.”
Regarding any plan to extend waiver of customs duty on cotton imports beyond 30 September, Goyal said that cotton textile prices are easing and “I do not think there is a need to extend it beyond September, but if required, we may extend it for a month.”
Source : https://in.apparelresources.com/