Textile parks approval likely today

According to officials, Union Cabinet is likely to approve on Wednesday a scheme proposed by the Textiles Ministry. The scheme entails setting up seven mega-investment textile parks (MITRA). The parks will attract investments into the sector and generate employment. They will have integrated facilities and plug-and-play infrastructure. Announced in Budget FY22, they will be spread across 1,000 acres and built over the next three years. The textile park will be inspired by the ones in China and Vietnam.

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The official said that some states have already shown interest in setting up textile parks. The MITRA parks will have facilities like uninterrupted water and power supply, common utilities and research and development labs. They are intended to have and quick turnaround time to minimize transportation losses aimed to attract big-ticket investments in the sector. They will minimize the turnaround time to minimize transportation losses, aimed to attract big-ticket investments in the sector.

In a bid to give a boost to this sector, the government approved a Rs 10,683 crore production-linked incentive scheme for man-made fibre segment (MMF) apparel, MMF fabrics and ten products of technical textiles for five years. This would augment domestic manufacturing and exports. This scheme would lead to fresh investments of over Rs 19,000 crore, according to the government.