Second PLI scheme for the textiles sector
Minister of Textiles Piyush Goyal on Saturday said that the government will soon moot a production-linked incentive (PLI) scheme for apparel manufacturers and the textiles ministry, Department for Promotion of Industry and Internal Trade, and Niti Aayog are currently engaged in talks over the matter.
The Centre has announced PLI scheme, with an outlay of Rs.1.97 lakh crore, for over a dozen sectors including man-made fibre, technical textiles, white goods, medical devices, and automobiles and auto components. While speaking at an industry event in Coimbatore, Tamil Nadu Goyal said,
“We are keen to support the apparel manufacturing sector and we are considering coming out with another PLI scheme. In all sectors, we want to become a global industry. We want to capture the world market.”
Goyal while inaugurating SIMA Texfair 2022, also said that the government is promoting both cotton and man-made textile sector with an eye on a larger share of the world market, which in turn will increase job opportunities as well investment.
The Minister further said that the Indian economy will “very soon” reach the $30-trillion mark from the level of a $3-trillion economy currently. The government has been aggressively addressing all the structural issues including the tariff barriers, issues in taxation, global competitiveness, etc, he added,
Citing the 40% growth in textile exports last year, he said the target is to double domestic production to Rs.20 lakh crore in five years and triple the exports to Rs.8 lakh crore ($100 billion) in 5 years from about $44 billion now. “Brands like GAP, Zara, Tommy Hilfiger, H&M, and Puma are clients of garment manufacturers in Tiruppur,” Goyal said.
Goyal further said that India has already finalized two free trade agreements (FTA) with the UAE and Australia, and is now “fast progressing to finalize FTAs with Israel, UK, Canada, and the EU. We will get access to these developed markets which are more competitive, inviting investment in a big way into India.
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