PLI scheme: Cabinet approves Rs 10,683 cr PLI scheme for textile sector – The Economic Times

Clipped from: https://economictimes.indiatimes.com/news/economy/policy/cabinet-approves-rs-10683-cr-pli-scheme-for-textile-sector/articleshow/86033142.cmsSynopsis

The scheme, part of 13 identified sectors, some of which have already been approved by the Union Cabinet, is expected to boost manufacturing activities, add jobs and help scale up textile exports.

The Union Cabinet today approved a PLI Scheme for Textiles for MMF Apparel, MMF Fabrics & 10 segments/products ofTechnical Textileswith a budgetary outlay of Rs 10,683 crores over the next five years.

The scheme, part of 13 identified sectors, some of which have already been approved by the Union Cabinet, is expected to boost manufacturing activities, add jobs and help scale up textile exports.

This scheme focuses on production of man-made fibre and technical textiles and is crucial in achieving self-reliance in the sector, while cutting down imports.

“We hope that this decision will produce some global champions. The factories based around aspirational districts or Tier-3 & Tier-4 cities will be given priority. It will especially benefit Gujarat, UP, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana etc,”Piyush Goyal said in the press conference.

The government is hoping that incentives offered under the PLI scheme will create select group of world-class global champion companies in MMF and technical textile segments, which have the potential to grow, both in size and scale, using cutting-edge technology and thereby penetrating global value chains.

However, the Cabinet did not take up the relief package for the telecom sector, which had Vodafone buzzing.

The cabinet was widely expected to take a decision on a so-called relief package for the telecom industry, which would have helped all wireless carriers but especially the embattled Vodafone Idea.

The package, while meant for giving relief to an industry with more than Rs 8 lakh crore of debt, was aimed to specifically ease cash-strapped Vi’s immediate cash flow woes and help in its bid to remain in a market that has Reliance Jio and Airtel as the other two private players.

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