23rd October 2021, Mumbai:
The Ministry of Textiles has announced the establishment of seven Mega Integrated Textile Region and Apparel Parks (PM MITRA). PM MITRA Parks aims to assist India in reaching UN Sustainable Development Goal 9 (SDG 9): "Build resilient infrastructure, promote sustainable industrialization, and stimulate innovation."
The plan, which was presented in the Union Budget for 2021-22, is to build an integrated large-scale and contemporary industrial infrastructure facility for the textile industry's full value chain.
It will save logistical costs and boost Indian textiles' competitiveness.
A two-stage selection procedure has been implemented. Stage 1 entails the preliminary selection of possible sites supplied by states, as well as the expenditure of funds for the formation of a Special Purpose Vehicle, park planning, and the selection of a Master Developer.
Sites will be available for the disbursement of Grants in Aid for the park's construction at Stage 2.
The PM MITRA Parks will be built on greenfield/brownfield areas around the United States. Proposals from state governments with a contiguous, encumbrance-free land block of 1,000 acres or more, as well as other textile-related infrastructure and ecosystems, are encouraged.
“For a Greenfield PM MITRA Park, the GOI Development Capital Support would be 30% of the Project Cost, with a ceiling of Rs. 500 crore,” the Ministry stated.
After review, Development Capital Support of 30% of the project cost of balance infrastructure and other support facilities to be created is available for Brownfield locations, with a ceiling of Rs. 200 crores. The state government will contribute 1,000 acres of land for the building of a world-class industrial estate."
"A Competitiveness Incentive Support (CIS) of Rs. 300 crore will be provided to each PM MITRA Park for the early establishment of textile manufacturing units in these parks, with the incentive available to manufacturing units up to 3% of total sales turnover on a first-come, first-served basis," the Ministry added.
Such assistance is critical for a newly established project that has yet to break even and needs assistance until it is able to scale up production and demonstrate viability.
TOP 5:
2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida
