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New Textile Policy

New Textile Policy India

Eastern Times, New Delhi: Government is considering promotion of MMF and Technical Textile under Production Linked Incentive (PLI) scheme. The formulation of Focus Product Incentive Scheme (FPIS) under the ambit of Production Linked Incentive (PLI) Scheme is in process.

The objective of the FPIS would be creating global champions in MMF apparel and Technical Textiles and capturing substantial share in global trade in these segments.

The scheme will provide incentive from 3% to 15% on stipulated incremental turnover for a period of five years after one year gestation period for brownfield investment and two years gestation period for greenfield investment.

Ministry of Textiles is contemplating a New Textile Policy. At present, New Textile Policy has not been finalized and it is at draft stage. The New Textile Policy inter alia, will give thrust on enhancing export performance and creating better employment opportunities.

The New Textile Policy is being formulated by holding widespread consultations with various associations, industry bodies, State Governments and other stakeholders representing subsectors viz. Cotton, Silk, Jute Wool, Handloom, Handicrafts, Powerloom etc.

In the budget 2021-22, it has been announced that a Mega Integrated Textile Regions and Parks scheme (MITRA) will be launched, with an aim to attract large investment and employment generation in the sector to further boost domestic manufacturing and to create world class infrastructure at one place with plug & play facilities.

It will enable textile industry to achieve size and scale so as to become globally competitive and also create global champions in exports. Under the scheme, 7 Mega Textile Parks will be established over3 years.

This information was given in a written reply by the Union Minister of Textiles, Smt. Smriti Zubin Irani in Lok Sabha on Friday.

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Eastern Times

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