Quote on MITRA Scheme on behalf of Vivek Ramachandran, CEO, Serai, a digital B2B platform by HSBC that makes global trade easier for apparel businesses

The approved Mega Investment Textiles Region and Apparel Park (MITRA) scheme can prove to be a stepping-stone in helping India reiterate its position as a globally competitive and lucrative textile manufacturing and apparel exporting hub. The parks are predicted to help Indian manufacturers become ‘global champions’ by helping and enabling higher volumes of production and export to attract foreign direct investments (FDIs). The government’s various initiatives, including the recently approved textile scheme for the PLI sector, come at a time when countries globally, are looking to diversify and explore new avenues with respect to their supply chains. These measures could help Indian manufacturers and suppliers to be at par with their other Asian counterparts and become global leaders in the sector.” said Vivek Ramachandran.