On Friday, Federal Minister Piyush Goyal announced that the Rs 4,445 crore PM MITRA programme would create seven major textile parks in Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, Madhya Pradesh, and Uttar Pradesh. The parks will bring in an estimated Rs 70,000 crore in local and foreign investment to build cutting-edge infrastructure, which would result in the creation of 20 lakh direct and indirect employment opportunities.
The establishment of “PM MITRA mega textile parks” in the seven states was announced by Prime Minister Narendra Modi on Friday. He said that they will draw significant investment and generate thousands of jobs.
According to Goyal, the parks are being developed in accordance with the 5F (Farm to Fibre to Factory to Fashion to Foreign) vision of the Prime Minister.
There will be a Master Developer. for each of these parks, appointed. The parks will then receive three to four different types of help from us. As development capital support, new parks may receive up to Rs 500 crore, however brownfield parks may only receive Rs 200 crore. Also, new anchor investors will receive 3% of revenue through competitive incentive assistance of up to Rs 300 crore, according to the ministry.
“PM MITRA will re-establish India’s dominance as a global textiles leader,” said Naren Goenka, Chairman of AEPC. I have no doubt that these vast textiles parks, which have top-notch amenities and an integrated value chain, will produce global champions by massively increasing garment exports and producing a whopping 20 lakh new job possibilities.
