- 31 Jan 2023
- ICICIdirect Research
Economic Survey - Textiles
- To develop integrated large-scale and modern industrial infrastructure facilities for the entire value chain of the textile industry, the government approved the setting up of seven PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks.
- The parks will not only reduce logistics costs and improve the competitiveness of Indian Textiles but also boost employment generation, attract domestic investment and FDI, and position India firmly in the global textile market.
- Further, to boost the production capacity, the government launched the Textile PLI Scheme with an approved outlay of ₹10,683 crore over five years starting from 1st January 2022 to promote investments and increase the production of Man-Made Fibre (MMF) Apparel.
- In the approved 64 applications so far, the proposed total investment commitment is ₹19,798 crore, with projected turnover and employment generation of ₹1.9 lakh crore and 2.5 lakh, respectively.
- FDI inflows into the textile sector are yet to recover to pre-pandemic levels.