61 textile companies will invest 19,077 crores, around 2.5 lakh jobs will be created
New Delhi, Jagran Bureau. Under the Production Based Incentive (PLI) scheme, applications of 61 companies have been approved in the textile sector. Textile Secretary Upendra Prasad Singh said that 67 companies had given applications. The selected companies will invest Rs 19,077 crore.
close to 2.5 lakh jobs
This investment will directly generate 2.40 lakh jobs and have a business potential of Rs 1,84,917 crore. Under the PLI scheme, Rs 10,683 crore will be given to these companies as incentives in five years. Companies have to increase their production and exports up to a limit every year.
Eight companies will invest in Uttar Pradesh
The Secretary, Textiles said that these companies will mainly produce technical textiles along with the production of man made fabrics and apparels. Under this, eight companies will invest in Uttar Pradesh, but in states like Bihar and Jharkhand, no investment is being made under this scheme.
Under the PLI scheme, Goa Glass will invest the maximum amount of Rs 1,654 crore. The investment of Trident will be Rs 1,609 crore, MCPI will be Rs 1,383 crore and that of Shahi Exports will be Rs 436 crore. Singh said that the selected companies have been given time till March 2024 to invest. From then on, the five-year term of the PLI will begin.
There can be relief in the cost of cotton clothes
Singh said that on Wednesday, the government has made the import of cotton completely duty free. Therefore, a reduction in the cost of cotton is expected. This can also provide relief in the cost of cotton clothes. The price of cotton was increasing continuously for the last one year and in view of this, the import duty on cotton has been abolished.
