Trade 08-09-2021 Hits: 3169

PLI for (MMF) Manmade fibre, Technical Textile:Awaiting Cabinet approval today

Trade 08-09-2021 Hits: 3169

8th September 2021, Mumbai:

The industry is optimistically expecting to work out detailed guidelines of the scheme for the Textile sector on the back of the already announced slew of measures under the new Textile ministry.

According to sources with a financial outlay of Rs 10,683 crore over five years to boost domestic manufacturing and exports from the sector, this will empower trade to enhance the sector's competitiveness and manufacturing viability.

To put in quick context,"The Cabinet had earlier approved PLI schemes in 13 key sectors for enhancing India's manufacturing capabilities and exports".

The ambitious scheme aims to create world-class global champion companies in these segments as NITI Aayog envisages the schemes to deliver tangible results.

Man-made fiber (MMF) garments account for just 10% of India's overall clothing exports, which were around USD 16 billion in 2019-20. Former President of the Federation of Indian Export Organisations (FIEO), S K Saraf, stated that the government should promote both the MMF and technical textiles industries because their export share in the global market is now low.

A Sakthivel new president, S K Saraf VP of FIEO

"PLI will aid in the expansion of industry and exports. This push is necessary "Saraf said. Chairman of the Apparel Export Promotion Council (AEPC), A Sakthivel, expressed similar sentiments, saying that the council has asked the government to implement the PLI program for both of these categories, as it will assist increase India's share of the global market.

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