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In a massive boost to the textile industry, the Central Government has approved 96 companies under round-III of Textile PLI Scheme; which will bring a total investment of Rs 2,339.14 crore, as per the statement by the Ministry of Textiles.
According to the release, the investment boost will generate over 36,000 jobs across the textile industry with a projected turnover of over Rs 58,000 crore. The Indian Government has approved 22 new applicatns under the third round with a committed investment of Rs 12,822.67 crore. "A total of 96 companies have been selected under Round-3 of the scheme with a total committed investment of 12,822.67 crore and a projected turnover of 58,294.18 crore," the release added. "The Government has approved 22 new applicants under the Round-3 of the Production Linked Incentive (PLI) Scheme for Textiles. The newly approved companies are expected to bring in a total investment of 2,339.14 crore, generate a projected turnover of 15,561.34 crore in notified products, and create 36,217 employment opportunities across the textile value chain," the release said. According to the release, the approved applicants are spread across key segments of the PLI Scheme, including man-made fibre (MMF) apparel, MMF fabrics, and technical textiles, helping strengthen India's position as a global hub for value-added textile manufacturing. The addition of these companies under the PLI Scheme reflects the continued industry response to the Government's efforts to promote investments in sunrise segments of the textile sector. According to the release, the proposed investments and production capacities will likely give boost to the Indian textile market, aligning with the PM Modi's vision of Aatmanirbhar Bharat. "The proposed investments and production capacities are expected to support the development of a robust and globally competitive textile ecosystem aligned with the vision of Aatmanirbhar Bharat," the release said. (ANI)
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