In the seven parks declared under the scheme, “it is projected that approximately 2 million new direct and indirect jobs will be created until 2027, coupled with investment of nearly 70,000 crore to develop infrastructure in these parks,” he said.
To encourage investment, foster innovation, generate jobs, and position India as a worldwide centre for textile production and exports, the government earlier in the day announced the creation of seven PM MITRA parks for the textile industry.
Seven states were chosen among the 13 that entered the competition: Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra. It is anticipated that these parks will assist the textiles industry attain economies of scale and attract international firms to manufacture, improving its competitiveness. in India,” according to a statement from the textile ministry.
With the realignment of the global value chain and the focus on friendshoring, India is on the radar of international investors, who are looking for investment and expansion outside of China, according to A Sakthivel, president of the Federation of Indian Export Organization (FIEO). He added that programmes like PM MITRA will hasten the decision-making of investors in India’s favour.
The programme will significantly increase apparel exports and generate a significant amount of employment possibilities, according to Naren Goenka, head of the Apparel Export Promotion Council (AEPC), reestablishing India’s leadership in the global textile industry.
The plan presents an exceptional opportunity because all of the processes—spinning, weaving, dying, printing, and stitching—will be done in one place. This will significantly lower logistical costs and increase the apparel industry’s competitiveness on a worldwide scale. through unifying the value chain, fostering economies of scale, and ensuring that Indian garment exports are ESG compliant, Goenka continued.
