PLI Scheme for Textiles- Recent update

Under the Rs 10,683-crore production-linked incentive (PLI) scheme for the garment and textile sector, the central government of India has given its approval for the financial support of 61 companies.

Overview:

• To receive benefits under this scheme, sixty-seven companies had applied.
• The total investment expected from the 61 approved applicants is Rs 19,077 crore, with a projected turnover of Rs 184,917 crore over a five-year period.
• Investment in this sector will help in creating around 2,40,134 jobs.
• This PLI scheme is for textile-related products such as Man-made Fibre (MMF) apparel, MMF fabrics, and other technical textiles products.

Aim of this scheme

This PLI scheme will help in boosting the domestic manufacturing of MMFs, technical textiles, and garments. Financial support will be provided by the government under this scheme for a period of five years for manufacturing these products in India. This PLI will help in enhancing the country’s exports and manufacturing capabilities.

Parts of the scheme

The scheme is divided into two parts.

Part 1

Under Part 1 of the scheme, Rs 300 crore is the minimum investment, and Rs 600 crore is the required minimum turnover that is to be achieved.

Part 2

Under this part, Rs 100 crore is the minimum investment, and Rs 200 crore is the required minimum turnover that is to be achieved.

Out of the received applications, under Part 1 15 applications have been approved while under part 2 52 applications have been approved.

Month: Current Affairs - April, 2022

Category: Economy & Banking Current Affairs