Textile industry thanks PM Modi for output linked incentive scheme

Indian Texpreneurs Federation (ITF) on Wednesday thanked Prime Minister Narendra Modi for introduction of the production linked incentive (PLI) scheme for 10 key sectors, including textile products.

The scheme would enhance manufacturing capabilities and exports under Atmanirbhar Bharat Abhiyan for a period of five years.

Under the scheme, Rs 10,683 crore have been allocated for textile products – man-made Fibre (MMF) segment and technical textiles.

ITF convenor Prabhu Dhamodharan said the scheme would help the apparel sector build the much-needed scale and bring specialisation as a strategy to garner focus on top MMF products which are in great demand globally.

MMF apparels is a Rs 3-lakh crore market in the US alone, he said in a press release.

The industry is confident of the Indian apparel sector using the opportunity to build capabilities in MMF sector to achieve double-digit growth in exports, he said.

Meanwhile, Southern India Mills’ Association chairman Ashwin Chandran also thanked Modi and Union Textile Minister Smriti Irani for including textile industry and allocating budget for improving manufacturing capabilities and boosting exports.

Though the country could become a major player in cotton textiles and exports, it has been lagging behind in the MMF textile trade due to expensive raw material and high tariff barriers apart from cheaper imports from neighbouring countries.

The scheme would benefit the industry to attract huge investments and create jobs for millions of people, he said.

News aggregated fromSource link

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