NEW DELHI: Prime Minister Narendra Modi on Friday officially introduced the 4,445 crore venture to increase seven ‘PM MITRA’ mega textile parks — one every in Karnataka, Tamil Nadu, Telangana, Maharashtra, Gujarat, Madhya Pradesh and Uttar Pradesh – which, in line with the textiles ministry, will draw in 70,000 crore investments, create 2 million jobs and spice up exports immensely.
The seven websites were decided on after the analysis of 18 proposals submitted through 13 states, a textile ministry observation mentioned. The govt has serious about offering incentives to spice up exports of labour-intensive pieces corresponding to textiles, recently dealing with robust headwinds as a result of a contraction in international call for.
According to legit knowledge, India noticed a pointy year-on-year 16.57% dip in exports of textile merchandise at $30.26 billion in April-January 2022-23, whilst their imports jumped over a 33.5% leap ($8.95 billion).
“PM MITRA mega textile parks will boost the textiles sector in line with 5F (Farm to Fiber to Factory to Fashion to Foreign) vision,” PM Modi mentioned in a tweet on Friday.
PM MITRA, an abbreviation of Mega Integrated Textile Region and Apparel, will supply cutting-edge infrastructure for the textiles sector, draw in funding of crores and create lakhs of jobs. It will likely be a perfect instance of ‘Make in India’ and ‘Make For the World’, he added in some other tweet.
Textiles minister Piyush Goyal mentioned the seven parks will give “a real boost to the Aatmanirbhar Bharat mission” and create an built-in textile price chain at one location.
“The step will not only draw investment but will also mitigate the industry’s logistics costs with world-class industrial infrastructure.” Global textile business is very cost-competitive as least-developed international locations (LDCs) corresponding to Bangladesh have duty-free get admission to to such markets.
Commenting at the building, Union finance minister Nirmala Sitharaman mentioned the PM MITRA Park scheme is “a practical replica” of the Prime Minister’s “5F vision” and “a significant step towards building an Aatmanirbhar Bharat and to position India strongly on the global textiles map”. “.
PM MITRA Parks will help in creating world-class industrial infrastructure that would attract large-scale investment including foreign direct investment (FDI) and encourage innovation and job creation within the sector, an official statement said. The ministry of textiles will oversee the execution of these projects.
“An SPV owned by the Center 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 up to 500 crore per park to the Park SPV,” it said.
A Competitive Incentive Support (CIS) of up to 300 crore in step with park to the devices in PM MITRA Park shall even be equipped to incentivise fast implementation. Convergence with different govt schemes shall even be facilitated as a way to ensure that further incentives to the grasp developer and investor devices, it mentioned.
State governments will supply a contiguous and encumbrance-free land parcel of a minimum of 1,000 acres of land and also will facilitate the availability of all utilities, dependable energy provide and water availability and wastewater disposal device, an efficient unmarried window clearance in addition to a conducive and strong commercial/textile coverage, it added.
“The parks will offer an excellent infrastructure, plug and play facilities as well as training and research facilities for the industry,” it mentioned.
PM MITRA Parks constitute a singular type the place the Center and State Governments will paintings in combination to extend funding, advertise innovation, create process alternatives and in the end make India an international hub for textile production and exports, it mentioned. “Nearly Rs. 70,000 crores investment and 20 lakhs employment generation is envisaged through these parks,” the ministry of textiles mentioned.