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Saturday, February 24, 2024

Indian textiles ministry may tweak the PLI scheme to attract investments

After receiving a tepid response from the Indian textile and garment sector, the textiles ministry may make the production-linked incentive (PLI) scheme for textiles more attractive by offering more flexibility.

The textiles ministry has sent the proposal to the Indian cabinet for its proposal to add more product lines and categories in the harmonized system (HSN) code under MMF products.  “This flexibility is expected to attract investment and strengthen manufacturing in the industry which generates the second highest employment after agriculture” the media report stated. The PLI scheme was unveiled two years ago with an outlay of INR 10,683 crore to augment the production of MMF-made garments and technical textiles. The reason for increasing the product lines has been taken, considering that fashion and in turn, the demand for various fabrics, keeps changing with each season.

It is expected that by adding more product lines, the PLI scheme will be welcomed by the Indian textile and garment industry, which in turn will help attract investments and generate more employment. Earlier this month, the textiles ministry extended the date for inviting fresh applications under the scheme, the third extension this year, till December 31.

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