The Indian government expects a total investment worth ₹70,000 crores for Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA). These PM MITRA parks will generate 7 lakh direct and 14 lakh indirect jobs from across India.
The seven parks being set up in Uttar Pradesh, Madhya Pradesh, Gujarat, Maharashtra, Telangana, Karnataka and Tamil Nadu are aimed at addressing issues of fragmented value chains, logistics costs, and lack of scale and size.
While several players from the textiles industry have already signed MoUs with states, special-purpose vehicle (SPV) formation is underway at several such parks. Being built with a minimum size of 1,000 acres per park and plug-and-play infrastructure for the textiles industry, the parks have already received an aid of ₹500 crore from the central government.
The production-linked incentive (PLI) scheme to promote man-made fibres (MMF) fabric, MMF apparel and technical textiles, which have been brought to boost local production, is likely to attract an investment of ₹19,000 crores.
Textiles Secretary Rachna Shah told CNBC-TV18 that the gestation period of the PLI scheme under implementation is two years, and manufacturing is expected to begin this year.
Of the 64 participating companies in the PLI scheme, she pointed out that 30 companies have already made significant progress and investments worth ₹2,000 crores have been grounded so far. The remaining companies are finalising land and installing equipment. She added that companies will be able to claim incentives based on the achieved turnover.
