In a big Make in India policy push for the country's textiles sector, the Union Cabinet headed by Prime Minister (PM) Narendra Modi is likely to approve the proposed scheme to setup seven mega investment textile parks (MITRA) within the next fortnight, reports Economic Times.
The parks have been proposed to be set up in a span of three years over an area of 1,000 acres in line with such similar parks in China and Vietnam. These will offer integrated facilities, plug-and-play infrastructure and quick turnaround time to minimise transportation losses, aimed to attract big-ticket investments in the sector.
These parks will also have uninterrupted water and power supply, common utilities and research and development (R&D) laboratories.
It should be noted that this comes just days after the Union Cabinet cleared the Rs 10,683 crore production-linked incentive (PLI) scheme for the textile sector. The scheme is likely to lead to investments of over Rs 19,000 crore.
The MITRA parks, announced in the Budget 2021-22, are expected to enable the textile industry to become globally competitive, attract large investments, boost employment generation and exports.