Business

Govt. approves 61 projects under PLI Scheme for textiles: Secretary Singh

The projected turnover from the approved projects is ₹1.84 lakh crore over five years.

The projected turnover from the approved projects is ₹1.84 lakh crore over five years. | Photo Credit: SIVA SARAVANAN S

As many has 61 applications, for projects involving total investment of ₹ 19,077 crore, have been approved under the Production Linked Incentive (PLI) Scheme for textiles, Secretary of the Union Ministry of Textiles U.P. Singh, told presspersons on Thursday.

The projected turnover from the approved projects is ₹1.84 lakh crore over five years. Of the 67 applications received, six were pending approval for want of more details, he said.

The PLI Scheme for textiles was notified on September 24 last year. The projects that have been approved have two years’ time to invest and start production. Of the projects approved so far, 13 applications were made with a minimum investment commitment of ₹300 crore each and 48, minimum investment of ₹100 crore each.

The government approved the PLI Scheme for textile products with an aim to enhance manufacturing capabilities and exports from the country of select manmade fibre products. The approved financial outlay for the scheme is ₹10,683 crore over five years. The total outgo for the approved projects is expected to be ₹6,600 crore and the Ministry is looking at Phase II of the PLI scheme. It depends, however, on approvals from the authorities concerned, Mr. Singh said.


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Printable version | Oct 1, 2022 1:13:33 am | https://www.thehindu.com/business/govt-approves-61-projects-under-pli-scheme-for-textiles-secretary-singh/article65321174.ece