According to Sanjay Kumar Jain of Delhi-based TT Ltd, “These parks will stimulate investment after the global slump is over and attract substantial foreign direct investment since they give world class facilities at a scale.”
According to sources, the Central and Tamil Nadu State Governments have chosen a location near E Kumaralingapuram in the Virudhunagar district and have planned to build a Mega park there on over 1,100 acres. “The parks will draw significant foreign investment in the textile industry, helping to increase exports to $100 billion by 2030. India is on the minds of international investors looking to invest because to the realignment of the global value chain and the focus on friendshoring. for chances outside of China. A Sakthivel, President of Federation of Indian Export Organizations, stated that a programme like PM Mitra will speed up the decision-making process for such investors in India’s favour (FIEO).
To manage each park, a special purpose vehicle owned by the federal government and each state’s government will be established up. To encourage prompt implementation, the units under PM Mitra Park will also receive competitive incentive support (CIS) up to Rs 300 crore per park from the ministry of textiles in the form of development capital support up to Rs 500 crore per park. State governments will assist the provision of continuous, unencumbered land parcels totaling at least 1000 acres. among all utilities, a stable and hospitable industrial/textile policy, a reliable single window clearance system, and access to water, electricity, and a waste water disposal system.
“The parks will give scale and integrated manufacturing infrastructure a much-needed boost. In order to diversify their garment sourcing, international customers are now searching for large, integrated, and compliant factories. The TN Mitra park might be imagined with a particular subject, such as Sustainability, to draw investment from foreign investors, according to Prabhu Damodaran, secretary of the Indian Texpreneurs Federation (ITF), a group representing the textile sector.
With access to cutting-edge technology, modern industrial infrastructure facilities for the whole textile industry value chain will also dramatically lower logistics costs and boost the competitiveness of textile exports.
The Parks will draw in investment and provide jobs, especially for women. According to K M Subramanian, president of the Tiruppur Exporters’ Association, “We have also suggested creating an ecosystem to attract MSMEs to Tirupur, plug-and-play facilities, building area to start at 15,000 sq ft for the benefit of MSMEs, requirement of an additional incentive to setup units in PM Mitra Park, inclusion of PLI-2 scheme to avail of the incentives by the units being set up in the project, and solar power for the industry and common effluent treatment.
