PLI Has Rs.18,000 Cr Investment For Textile
The textile industry has attracted investments worth Rs.18,000 Cr. The sector had previously received Rs.275 crore investment. In September 2021, PLI scheme had produced MMF (Man-made fiber) apparels via technical textiles. The main aim was to enhance the country’s manufacture and is capabilities to improve exports with a financial outlay of Rs. 10683 crore for the past 5 years. The centre also removed the import duty on cotton for better improvements. A consulting committee was set up to promote the target of $100 billion by 2030, said the sources. The textile industry is expected to grow by 10% CAGR by 2025-2026. India already has 4% share in the global trade in textiles and apparel. The technical textile market will be increasing by 2027. The textile industry too will be increasing by 8%. There will be a overall increase in the Indian textile market which will be $209 billion by 2029, according to the sources. Till now, 18 proposals have been sent to 13 states. A GST of 12% has to added as per the notification which will be effect from January 1st 2022.