The textiles ministry is intending to inform production linked incentive (PLI) scheme for MMF (man-made fiber) and technical material sectors within seven days, and issue itemized guidelines before the finish of the current month, a top government official said on Wednesday.
Textiles Secretary UP Singh additionally said that the ministry has attempted exhaustive counsel with every one of the concerned stakeholders prior to finishing the scheme.
“There will be good takers of the scheme. We are targeting to notify the scheme within a week. And by September-end, we will be issuing the detailed guidelines,” Singh told PTI.
A portal is being produced for carrying out the scheme, which targets boosting domestic manufacturing and making a top-notch office for the area, he added.
“Tentatively, we are thinking of opening the window for the industry to apply for the scheme from November 1 to December 31. Everything will be online, like submitting applications, approval process and disbursal of incentives,” Singh said.
Discussing the significance of MMF and technical textiles, he said the government is focusing to expand textiles exports to USD 44 billion this fiscal and USD 100 billion in the following five years.
There is additionally a means to expand the size of the business from USD 140 billion to USD 250 billion in the coming years, “so this growth will come not only from cotton but from MMF and technical textiles,” he added.
The Union Cabinet on Wednesday endorsed the production-linked incentive (PLI) scheme worth Rs 10,683 crore for the textiles area.
The Cabinet has endorsed the PLI scheme for textiles for MMF (man-made fiber) clothing, MMF textures, and ten sections/results of technical textiles.
Any individual, (which incorporates firm/company) able to put least Rs 300 crore in Plant, Machinery, Equipment and Civil Works (barring land and regulatory structure cost) to create results of Notified lines (MMF Fabrics, Garment) and results of Technical Textiles, will be qualified to apply for interest in the initial segment of the scheme.
In the subsequent part, any individual, (which incorporates a firm/company) able to contribute at least Rs 100 crore will be qualified to apply for support in this piece of the scheme.