The Ministry of Textiles has once again extended the timeline for submission of applications under the Production Linked Incentives scheme for textiles till February 28.
The Government had set the date of submission of online application under the Rs 10,683 crore PLI scheme for textiles to January 31, 2022 which in late January was extended till February 14, 2022. As per the prescribed norms, the scheme will be in operation from September 24, 2021 to March 31, 2030 and the incentive under the scheme will be payable for five years.
The Indian textile industry has a share of 5 per cent of global exports in textiles and apparel. But India's share in the manmade fibre (MMF) segment is low in contrast to the global consumption pattern, which is majorly in this segment. The PLI scheme will attract large investment in the sector to further boost domestic manufacturing, especially in the MMF segment and technical textiles.
Any company/firm/LLP/trust willing to create a separate manufacturing firm under the Companies Act, 2013, and invest a minimum of Rs 300 crore, excluding land and administrative building cost, to manufacture notified products will be eligible to get the incentive. This is subject to the entities achieving a minimum of Rs 600 crore turnover by the first performance year. Under the scheme, FY 2024-25 will be considered as the first performance year.
( With inputs from ANI )
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