- Oops!Something went wrong.Please try again later.
New Delhi [India], October 6 (ANI): To realise the vision of Prime Minister Narendra Modi of building an Aatmanirbhar Bharat and to position India strongly on the Global textiles map, the Union Cabinet has approved the setting up of seven PM MITRA parks as announced in Union Budget for 2021-22.
Briefing about the Cabinet decision, Union Minister for Commerce and Industry Piyush Goyal on Wednesday said that the seven Mega Integrated Textile Region and Apparel (PM MITRA) parks will be set up at Greenfield or Brownfield sites located in different states.
"Maximum Development Capital Support (DCS) of Rs 500 crore to all Greenfield PM MITRA and a maximum of Rs 200 Crore to Brownfield PM MITRA will be provided for the development of Common Infrastructure (at 30 per cent of the Project Cost) and Rs 300 Crore of Competitiveness Incentive Support (CIS) will also be provided to each PM MITRA park for early establishment of textiles manufacturing units in PM MITRA. State Government supports will include the provision of 1,000-acre land for the development of a world-class industrial estate," said Goyal.
The Minister said PM MITRA is inspired by the 5F vision of Prime Minister Modi. "The '5F' Formula encompasses - farm to fibre; fibre to factory; factory to fashion; fashion to foreign. This integrated vision will help to further the growth of the textile sector in the economy. No other competing nation has a complete textile ecosystem like us. India is strong in all five Fs," he said.
As per an official release, "for a Greenfield PM MITRA park, the government of India development capital support will be 30 per cent of the project cost, with a cap of Rs 500 crore. For Brownfield sites, after assessment, development capital support at 30 per cent of project cost of balance infrastructure and other support facilities to be developed and restricted to a limit of Rs 200 crore."
"This is in a form of viability gap funding to make the project attractive for the participation of the private sector," the release said.
According to the official release, the core infrastructure of PM MITRA parks will include an incubation centre and plug and play facility, developed factory sites, roads, power, water and waste-water system, common processing house and CETP and other related facilities like design centre, testing centres, among others. It will also have support infrastructures like workers' hostels and housing, logistics park, warehousing, medical, training and skill development facilities.
"PM MITRA will develop 50 per cent area for pure manufacturing activity, 20 per cent area for utilities, and 10 per cent of the area for commercial development," it added. (ANI)