The government plans to introduce a production linked incentive (PLI) scheme for apparel manufacturers, says Piyush Goyal, Minister of Textiles, Commerce and Industry. The PLI scheme with an outlay of nearly Rs 2 lakh crore has been announced for over a dozen sectors including man-made fibre, technical textiles, white goods, medical devices, and automobiles and auto components.
The scheme may help Indian garment manufacturers scale up operations at the time when the government is negotiating tariff concessions under FTAs with the UK and the European Union. India’s textile exports may reach $100 billion in the next five years from $44 billion currently, says Goyal. It plans to double these to Rs 20 lakh crore in the above period by creating new job opportunities, attracting investments and promoting startups and MSMEs, he says..
The government is accelerating free trade agreements with Canada, UK, European Union and Israel. It also plans to sign FTAs with the GCC (Gulf Cooperation Council) and Eurasian Economic Union These FTAs will help India boost exports, create new jobs and attracts investments worth thousands of crores, adds Goyal.