PLI scheme will help textile cos overcome disadvantages, says textiles ministry

Textile stocks surge as government approves PLI scheme for sector

Singh said, "Textile is a very important segment of the Indian economy. It contributes about 2.3 percent to the GDP, about 11 to 12 percent of total merchandise exports. It is the second-largest employer after agriculture.  Directly and indirectly, about 10.50 crore  people are engaged in textiles."

He said, "If there are a large number of applicants as this scheme is a fund limited scheme, then we are going to have certain criteria."

On exports, he said, "This scheme is primarily to improve production. But then if we produce more, whatever we consume in the country either way of higher need or import substitution, the balance will basically get exported. Export in India have been growing fairly well, not only compared to the last year, but even pre-COVID period, actually."