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Budget’s textile boost: 7 mega textiles parks to be setup in 3 years
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Synopsis
“A scheme of mega investment textile parks will be launched in addition to the PLI scheme,” finance minister Nirmala Sitharaman said in her Budget speech.
Similar parks already exist in China, Vietnam and Ethiopia where the entire textiles value chain is covered.
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New Delhi: In a move to make the country’s textile sector a manufacturing and export hub, and create global export champions, India will set up seven textile parks over three years under the scheme of mega investment textile parks which was announced in Budget FY22 on Monday. The parks to be setup over 1,000 acres of land with world class infrastructure, and plug-and-play facilities, will be addition to the Rs 10,683-crore production linked incentive (PLI) scheme for technical textiles and manmade fibre.