- 31 Jan 2022
- ICICIdirect Research
Economic Survey : 2021-2022: TEXTILE SECTOR
- Close to Rs.203000 crores have been invested in textile industry with direct and indirect employment of about 105 million people in the last decade
- Production-Linked Incentive (PLI) Scheme for Man Made Fiber (MMF) segment and technical textiles, notified in September 2021, for enhancing India’s manufacturing capabilities and enhancing exports will focus on promotion of 40 MMF apparel and 10 Technical textiles lines. It is estimated that over the period of five years, the PLI Scheme for Textiles will lead to fresh investment of more than Rs.19,000 crore, cumulative turnover of over Rs.3 lakh crore will be achieved under this scheme and, will create additional employment opportunities of more than 7.5 lakh jobs in this sector.
- The government notified the setting up of 7 PM MEGA INTEGRATED TEXTILES REGION AND APPAREL PARK (MITRA) in October 2021 with a total outlay of Rs.4,445 crores. The scheme is expected to strengthen the vision of AtmaNirbhar Bharat and to position India strongly on the global textiles map.
- PM MITRA inspired from 5F’s -farm to fibre; fibre to factory; factory to fashion; fashion to foreign -will strengthen the textile sector by developing integrated large scale and modern industrial infrastructure facility for entire value-chain of the textile industry. It is expected to reduce the logistics cost and will help India in attracting investments, and boosting employment generation. Competitiveness Incentive Support (CIS) of Rs.300 Crore will also be provided to each PM MITRA Park for early establishment of textiles manufacturing units in PM MITRA Park
- Amongst the manufacturing sector, textiles and wearing apparel staged strong recovery and reverted to positive growth trajectory from March 2021 onwards.