ITTA Thanks Govt. For Approving PLI Scheme For Textiles

Industry news

ITTA Thanks Govt. For Approving PLI Scheme For Textiles

The industry has welcomed the Cabinet approval of the PLI Scheme for Textiles, even as the detailed scheme is awaited. This scheme especially focuses on high value textile production, and on giving a fillip to MMF textiles, apparel, and technical textiles. Incentives worth Rs 10,683 crore will be provided to the industry over five years for manufacturing notified products of MMF apparel and MMF fabrics and 10 segments/products of technical textiles in India. Commenting on the announcement, Dr. Sundararaman K S, Chairman, the Indian Technical Textile Association (ITTA) said, “This is a landmark scheme for the manifold growth of the technical textile Industry and I thank Prime Minister Narendra Modi, Minister for Textiles Piyush Goyal, the MOS, for the same. This will accelerate the creation of world class, world competitive companies in India.” He further said, “PLI for Textiles along with RoSCTL, RoDTEP and other measures of the government e.g. providing raw material at competitive prices, skill development, etc will herald a new age in textiles manufacturing. Combining this with various state level incentivisation schemes provides the technical textile industry of India with unprecedented financial support towards rapid growth.”