- Government approved 22 new applicants under PLI Scheme for Textiles Round-3
- Total 96 companies selected with Rs 12,822.67 crore committed investment
- Scheme targets Rs 15,561.34 crore turnover and 36,217 new jobs in textiles
The Government has approved 22 new applicants under the third round of the Production Linked Incentive (PLI) Scheme for Textiles, as per a statement by the Ministry of Textiles earlier today. A total of 96 companies have been selected for the scheme.
This approval is expected to drive Rs 2,339.14 crore in fresh investments, generate Rs 15,561.34 crore in projected turnover, and create 36,217 employment opportunities across the textile value chain, as per the Ministry's statement.
The approval is a part of a broader initiative to increase India's domestic production capacity in high-value textile industries.
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The companies have been selected under Round-3 of the scheme with a total committed investment of Rs 12,822.67 crore and a projected turnover of Rs 58,294.18 crore, as per the Government estimates.
The primary goal of the PLI Scheme for Textiles is to position India as a highly competitive global manufacturing hub, reduce reliance on raw material imports, and drive the country's vision of an Aatmanirbhar Bharat.
"The approved applicants span key focus segments of the PLI Scheme, including Man-Made Fibre (MMF) Apparel, MMF Fabrics and Technical Textiles, thereby further strengthening India's position as a global hub for value-added textile manufacturing," informed the Ministry in its statement.
"The addition of these companies under the PLI Scheme reflects the continued industry response to the Government's efforts to promote investments in sunrise segments of the textile sector," further stated the Ministry of Textiles.
Earlier, according to Union Minister Giriraj Singh, the government had proposed to broaden the scope of the Rs 10,683-crore production-linked incentive (PLI) plan for textiles to include man-made fibre (MMF) clothing, fabrics, and technological textiles.
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The addition of products to the list of eligible items for receiving the government's financial support will support industry, enhance ease of doing business, encourage fresh investments in the sector and accelerate growth in the textiles sector.
It underscores the Narendra Modi-led government's focus on fostering employment and driving India's leadership in the global textile market, the Minister had further stated.
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