Confederation of Indian Textile Industry has hailed the decision of the Central Government to launch Focused Product Investment Scheme (PLI) to attract investment and growth in the manmade fibre (MMF) and Technical Textile segment and boost India's share in the global textiles market in both the segments. The scheme aims to promote building of new facilities and attract investment in the MMF sector under Greenfield and Brownfield investments”.
Cotton based textile products have always been the main-stay of the Indian textile industry, whereas, India has been lagging behind in MMF textile products from the very beginning mainly due to expensive raw material and high tariff barriers, apart from cheaper imports from neighbouring countries. About 40 HS lines in MMF Garments and 10 HS lines in Technical Textiles account for nearly US$ 180 billion global trade in which India has a very limited share.
With the proposed scheme, the textile industry will get major boost to make investment in these sectors which will not only help India in increasing its global share but will also generate huge investment opportunities in textile sector which is already employing about 10 crore people. The scheme is likely to create 50-60 world class global champion company in these segments.