PLI scheme for textiles: Rs 10,683 crore scheme to help MSMEs invest, export, employ more
Ease of Doing Business for MSMEs: According to the government, the initiative will result in over Rs 19,000 crore of investment in the textile sector over a five-year period, with a cumulative turnover of over Rs 3 lakh crore.
According to a statement from the Ministry of Textiles, the project was approved for artificial fiber (MMF) garments, MMF fabrics, and ten categories of technical textiles, with a budgetary investment of Rs 10,683 crore. “The incentive system has been designed in such a way that industry will be enticed to invest in new capacity in certain areas.
Micro, small, and medium enterprises (MSMEs), who account for the bulk of textile-related industries, as well as experts, have praised the government’s decision, which is expected to enhance unit manufacturing while also creating jobs.”
This will result in a significant increase in investment in the sector. Fabric will be more readily available as well.
According to the government, the initiative will result in over Rs 19,000 crore of investment in the textile sector overhead in five years, with a total turnover of over Rs 3 lakh crore. This is a good example “More than 7.5 lakh extra jobs in this industry, as well as many lakhs more in supporting activities, will be created. Because women are disproportionately employed in the textiles industry, the initiative will empower women and expand their involvement in the formal economy.”