CITI hails Centre’s PLI scheme for textile industry

“The PLI scheme has been extended for 10 key specific sectors, including textiles 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,” said CITI chairman T Rajkumar in a statement on Thursday.

He further said that the objective of the scheme is to promote building of new facilities and attract investment in the MMF sector under Greenfield and Brownfield investments.

Pointing out that cotton based textile products have always been the main-stay of the Indian textile industry, Raj Kumar said that India has been lagging behind in MMF textile products due to expensive raw material and high tariff barriers, apart from cheaper imports from neighbouring countries.

The CITI Chairman observed that with the proposed scheme, the textile industry will get a 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 the textile sector which is already employing about 10 crore people. He cited that this scheme is likely to create 50-60 world class global champion companies in these segments. Stating that the textile sector is one the worst hit sectors due to weak domestic and international demands.