New Delhi [India], September 8 (ANI): The textile industry on Wednesday welcomed the Union Cabinet's approval of the production linked incentive (PLI) scheme for the textile sector aimed at boosting manufacturing activities and jobs, besides scaling up exports.
Appreciating the Centre's decision, the Confederation of Indian Industry (CII) National Committee on Textiles and Apparel Co-Chairman Kulin S Lalbhai said that the scheme was announced at the most opportune time when the textile industry is recovering from the economic impact of Covid-19.
"The man-made fibres (MMF) and technical textile segments are large and very strategic from an export perspective and the PLI scheme will help companies achieve scale and efficiency in these segments," he stated.
"I am sure the scheme will boost domestic manufacturing and exports, and go a long way in contributing to the vision of Atmanirbhar Bharat," he added.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) Secretary-General Deepak Sood also lauded this decision and said that PLI would be a booster push for the textile industry, not only for committing new investment in the sector but also scaling up the existing capabilities for enhanced output, rightly estimated by the government, at Rs 3 lakh crores over the next five years.
"With a focus on Make in India and Atmanirbhar Bharat, the PLI scheme is playing a catalyst role in realising the objectives set out in the flagship programmes for making India a global hub for manufacturing across different segments of the industry," he added.
Earlier in the day, the Union Cabinet headed by Prime Minister Narendra Modi approved the PLI scheme and Minister of Commerce and Industry Piyush Goyal informed that a package of Rs 10,683 crores will be allocated for 10 different segments of the textiles sector as part of the scheme over five years.
Goyal also said that India would sign free-trade agreements (FTAs) in textile sectors with countries like the United Kingdom.
Welcoming the Cabinet's approval of the PLI scheme, Apparel Export Promotion Council (AEPC) Chairman Dr A Sakthivel said that the scheme will result in a fresh investment of gigantic proportions, expand manufacturing capacities and enhance exports multifold.
"It will make India a key player in the global textile value chain with a focus on high-value MMF products. Besides, it will promote industrial development in backward regions of the country," he added. (ANI)