Centre approves Rs 10,683 PLI scheme for textile industry, hikes MSP for wheat, mustard seeds


New Delhi: In a bid to bolster India’s textiles sector the Central Cabinet meeting chaired by Prime Minister Narendra Modi, on Wednesday (September 8), approved the production-linked incentive (PLI) scheme for the industry. 

“We hope that this decision will produce some global champions. The factories based around aspirational districts or Tier-3 and Tier-4 cities will be given priority. It will especially benefit Gujarat, UP, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana etc,” said Union Minister Piyush Goyal.

Union Minister Anurag Thakur said that the Rs 10,683 crore PLI scheme will boost domestic manufacturing and exports. The newly announced PLI scheme will aim to offer incentives for domestic manufacturing of textiles for MMF (man-made fibre) apparel, MMF fabrics and ten segments/products of technical textiles.

“So far, we have primarily focused on cotton textile. But 2/3 share of the international textile market is of man-made & technical textile. This PLI scheme has been approved so that India can also contribute to the production of man-made fibers,” Goyal added.

The budgetary outlay of the scheme is Rs 10,683 crore. The textile PLI scheme is also part of the announcement made during the Union Budget 2021-22. The overall scheme with an outlay of Rs 1.97 lakh crore covers a total of 13 sectors. 

Meanwhile, the Cabinet has also increased the minimum support price (MSP) for wheat by Rs 40 and for mustard seeds by Rs 400. With the recent hike, the MSP for wheat and mustard now stands at Rs 2,015 and Rs 5,050 per quintal, respectively. Both wheat and mustard are major rabi crops. Also Read: Shriram City Union Finance launches AI-enabled express two-wheeler loans: Here is how to apply

MSP is actually the price at which the government buys produce directly from the farmers. At present, 23 crops grown in Kharif and rabi seasons are covered under MSP, offering a kind of insurance to the farmers. Also Read: Delhi Airport’s Eastern Cross Taxiway to be ready by December 2022, to help reduce CO2 emission by 55,000 tonnes annually

Live TV


Source link