Textile companies applaud the Centre's incentive schemes

9th September 2021, Mumbai:

The Indian Technical Textile Association (ITTA) applauded the Union government's decision to allocate Rs 10,683 crore for production-linked incentive (PLI) programs for MMF garments, MMF fabrics, and 10 technical textiles segments/products.

“PLI is a game-changing initiative that will breathe fresh life into the MMF and technical textiles segments,” said S K Sundararaman, head of the ITTA. According to him, the program will hasten the development of world-class champions in MMF and technological textile goods in a short period of time.

The plan has two investment models: one with a Rs 300 crore investment and the other with a Rs 100 crore investment, both with varying reward rates for a five-year period. The government wants to encourage investment in aspirational regions, particularly in tier 3 and tier 4 cities and rural areas. Tamil Nadu, Maharashtra, Gujarat, Telangana, Andhra Pradesh, Rajasthan, and Punjab, all of which have a strong textile ecosystem, might benefit from the plan and attract investments, according to Sundararaman.

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