Dean faculty of management studies, Business school in New Delhi, India

New Delhi [India], April 8 : Going big on the textile industry and its Make in India effort, the Indian government has planned to set up seven mega textile parks under PM Mega Integrated Textile Regions and Apparel (PM MITRA) scheme.These parks will come up in seven states Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, Madhya Pradesh and Uttar Pradesh.Indian Prime Minister Narendra Modi in a tweet stated that the parks would "provide state-of-the-art infrastructure for the textiles sector, attract investment of crores and create lakhs of jobs". The scheme was announced in October 2021, and the parks will be set up by 2026-27.The total outlay for the project is Rs 4,445 crore, though the initial allocation in the 2023-24 Budget is only Rs 200 crore."PM MITRA mega textile parks will boost the textiles sector in line with 5F (Farm to Fibre to Factory to Fashion to Foreign) vision," PM Modi tweeted.The Centre envisages an investment of nearly Rs 70,000 crores into these parks, with employment generation for about 20 lakh people, India's Textiles Minister Piyush Goyal said.The parks will function as centres of opportunity to create an integrated textiles value chain, right from spinning, weaving, processing, dyeing and printing to garment manufacturing, all at a single location, reported The Hindu."The textile industry has been unorgsed in the country. This increased wastage and logistical costs impacted the competitiveness of the country's textile sector. This cluster-based approach, a vision of the Prime Minister, will solve several problems of the sector," Goyal said.He added that environmental clearances would also be eased under the scheme.Textiles Secretary Rachna Shah said that the Ministry had selected the locations for the parks in a transparent manner, having considered 18 proposals from 13 states.The eligibility of the states and sites was evaluated using a transparent challenge. It was based on objective criteria, taking into account a variety of factors such as connectivity, the existing ecosystem, textiles, industry policy, infrastructure, utility services, etc.PM Gati Shakti- National Master Plan for Multi-modal Connectivitywas also used for validation, reported PM MITRA Parks represents a distinctive model in which the Central and State Governments will collaborate to boost investment, foster innovation, create job opportunities, and eventually turn India into a major hub for textile production and exports.Through these parks, an expenditure of almost 70,000 crores of rupees and the creation of 20 lakh jobs are anticipated."An SPV [Special Purpose Vehicle] owned by Centre and State Government will be set up for each park which will oversee the implementation of the project.The Ministry of Textiles will provide financial support in the form of Development Capital Support upto Rs 500 crore per park to the Park SPV," the Ministry said. A Competitive Incentive Support (CIS) of up to Rs 300 crore per park to the units in PM MITRA Park shall also be provided to incentivise speedy implementation. Convergence with other Government of India schemes shall also be facilitated in order to ensure additional incentives to the MasterDeveloper and investor units" added the statement.Goyal said that State governments have offered to provide at least 1,000 acres of land for free for the parks and will also facilitate the provision of all utilities such as power and water. He said that Rs200 crores have been allotted as an initial investment."Different elements to make all the approvals easier will be considered. We will encourage the use of renewable energy in a big way in these parks," Goyal said, adding that the parks would offer excellent infrastructure, plug-and-play facilities as well as training and research facilities for the industry, reported The Hindu.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Dean Faculty Of Management StudiesFOLLOW

Dean faculty of management studies, Latest News

Pune (Maharashtra) [India], April 8 (/NewsVoir): Bajaj Finserv, one of India's leading financial services compes, has announced a revised ... ...

New Delhi [India], April 8 (/NewsReach): Ex-J&K Chief Minister and Democratic Azad Party (DAP) chairman Ghulam Nabi Azad will ... ...

New Delhi [India], April 8 (/PNN): QDegrees since its inception in 2013 has played an important role as a ... ...

Chennai (Tamil Nadu) [India], April 8 (/NewsVoir): Chennai based The Lip Balm Company, a leading provider of eco-friendly lip ... ...

New Delhi [India], April 8 : The First Deputy Minister of Foreign Affairs of Ukraine, Emine Dzhaparova, is set ... ...

Mumbai (Maharashtra) [India], April 8 : Responding to NCP patriarch Sharad Pawar's explosive statement that there was no need ... ...

Mumbai (Maharashtra) [India], April 8 : Woah! Shahid Kapoor and Kriti Sanon have come on board together for a ... ...

New Delhi [India], April 8 : Going big on the textile industry and its Make in India effort, the ... ...