Government Extends PLI Scheme Deadline for Textile Sector
02 November 2023, Mumbai
The Ministry of Textiles has announced a further extension of the deadline for accepting new applications for the Performance-Linked Incentive (PLI) scheme in the textile sector. The deadline has now been pushed to December 31, 2023, in response to requests from industry stakeholders. This is the second extension of the deadline, as the portal was originally closed on June 30, 2023, but was reopened in July for applications until August 31, 2023.
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The PLI scheme is a government initiative to boost domestic production and exports in the textile sector. It offers incentives to companies that invest in new capacity and production technologies. The scheme covers man-made fiber apparel, fabrics, and technical textile products.
The Ministry of Textiles has said that the decision to extend the deadline for the PLI scheme is in line with its commitment to supporting the textile industry and promoting its growth. The extension is expected to give more companies time to prepare and submit their applications.
Impact:
The extension of the deadline for the PLI scheme is likely to have a positive impact on the textile sector. It will give more companies an opportunity to participate in the scheme and benefit from the incentives offered. This is expected to boost investment and production in the sector and ultimately lead to increased exports.
The extension is also a welcome move for industry stakeholders, who have been requesting a longer deadline. It will give them more time to prepare and submit their applications, increasing their chances of being selected for the scheme.
Net Net
Overall, the extension of the deadline for the PLI scheme is a positive development for the textile sector. It is expected to boost investment, production, and exports, and help the sector achieve its growth potential.
