CITI Endorses Revised PLI 2.0 Scheme for Textiles, Citing Major Industry Benefits.
The Confederation of Indian Textile Industry (CITI) has expressed strong support for the government's newly announced Production Linked Incentive (PLI) Scheme 2.0, identifying it as a significant catalyst for Micro, Small, and Medium Enterprises (MSMEs) and the broader textile industry.
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Noteworthy Enhancements of the Scheme:
More Accessible Investment: The minimum investment thresholds have been lowered to ₹150 crore (Part 1A) and ₹50 crore (Part 2A), making the scheme more inclusive.
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Operational Flexibility: The policy permits the establishment of new units within the framework of existing companies.
Achievable Growth Targets:
A modest incremental turnover of just 10% is required from the second year onwards.
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Expanded Product Scope: Eligibility has been widened to include 8 new Man-Made Fibre (MMF) apparel codes and 9 new MMF fabric codes.
Strategic Impetus:
The scheme is designed to substantially boost India's MMF sector and elevate its standing in the global market.
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Vision for 2030:
The industry is targeting a domestic textile market of 250 billion and aims to achieve 100 billion in textile and apparel exports by the decade's end.
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In his statement, CITI Chairman Ashwin Chandran thanked the Union Minister for Textiles, noting, "The revisions in PLI Scheme 2.0 are set to provide a powerful impetus to the Indian textile and apparel industry, significantly boosting its competitiveness on the global stage."
CREDITS: This piece of information is automated and generated by the internet and has not been edited and reviewed by us.
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