Press "Enter" to skip to content

Cabinet Approves Rs 4,445 Crore Scheme To Setup Mega Textile Parks


New Delhi: The government has gone ahead and approved a proposal for setting up mega integrated textile parks which will generate employment and attract investments for the sector, Union Ministers Anurag Thakur and Piyush Goyal announced on Wednesday.

The cabinet has approved the setting up of 7 PM Mega Integrated Textile Region & Apparel (PM MITRA) parks with a total outlay of Rs 4,445 crores over five years.

“The move inspired by 5F vision of PM Modi – Farm to Fibre to Factory to Fashion to Foreign,” said commerce minister Piyush Goyal, according to news agency ANI.

ALSO READ: SVAMITVA Yojana: Scheme For Property Ownership In Rural Areas At National Level Soon, Says PM Modi

What’s the scheme all about?

First announced in the Union Budget 2021, the PM-MITRA scheme is designed to enable the textile industry to become globally competitive, attract large investments, boost employment generation and exports.

At the time of Budget, finance minister Nirmala Sitharaman said the scheme will create world-class infrastructure with plug-and-play facilities to enable create global champions in exports.

As per industry experts, these mega-investment textile parks would play a crucial to attract foreign direct investment (FDI), experts believed.

Union commerce and textiles minister Piyush Goyal earlier said that the sector will achieve a $44 billion exports target in 2021-22. The industry aims for $100 billion outbound shipments in the next five years, Goyal added.

Meanwhile, the union cabinet also approved a bonus equivalent to 78 days’ wage to eligible non-gazetted railway employees. About 11.56 lakh non-gazetted Railway employees are likely to benefit from the decision, said Anurag Thakur.


Source link

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *