PM MITRA parks would create 7 lakh direct jobs and 14 lakh indirect jobs in India
For the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA), the Indian government anticipates a total investment of 70,000 crores. These PM MITRA parks would create 7 lakh direct jobs and 14 lakh indirect jobs in India.
The seven parks being established in Uttar Pradesh, Madhya Pradesh, Gujarat, Maharashtra, Telangana, Karnataka, and Tamil Nadu will solve concerns such as fragmented supply chains, logistics costs, and a lack of scale and size.
While several textile sector firms have already inked Memorandums of Understanding (MoUs) with states, special-purpose vehicle (SPV) development is underway at several such parks.
The parks, which would have a minimum size of 1,000 acres per park and plug-and-play infrastructure for the textiles industry, have already secured a 500 crore grant from the central government.
The production-linked incentive (PLI) scheme to promote man-made fibers (MMF) fabric, MMF garments, and technical textiles, introduced to enhance domestic manufacturing, is expected to draw an investment of 19,000 crores.
Textiles Secretary Rachna Shah told CNBC-TV18 that the PLI scheme is in its second year of implementation and that manufacturing will commence this year.
She stated that 30 of the 64 participating companies in the PLI initiative have already made tremendous headway, and investments totaling 2,000 crores have been grounded thus far. The remaining companies are completing land acquisitions and installing equipment. She also stated that businesses will be able to seek rewards based on their revenue.
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PM MITRA Parks will contribute to the development of world-class industrial infrastructure, attract large-scale investment, especially foreign direct investment (FDI), and encourage innovation and job creation in the industry. These initiatives will be administered by the Ministry of Textiles.
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