According to T Rajkumar, Chairman, Confederation of Indian Textile Industry (CITI), Union finance minister Nirmala Sitharaman’s decision to launch focused production -linked investment (PLI) scheme to attract investment and growth in the manmade fibre (MMF) and technical textile segment will boost India's share in the global textiles market in both the segments.
T Rajkumar, Chairman, CITI believes, PLI scheme is extended for 10 key specific sectors, of which textile is one of the sectors and has been allocated Rs 10,683 crore of the total estimated outlay of Rs. 1.46 lakh crore, mainly for MMF and technical textile segment.
The objective of the scheme is to promote building of new facilities and attract investment in the MMF sector under greenfield and brownfield investments
Rajkumar cited that about 40 HS lines in MMF garments and 10 HS lines in technical textiles account for nearly US$ 180 billion global trade in which India has a very limited share.
CITI chairman observed that with the proposed scheme, the textile industry will get major boost to make investment in these sectors which will not only help India in increasing its global share but will also generate huge investment opportunities in textile sector which is already employing about 10 crore people.