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HomeBusinessMega Investment Textiles Parks to be set up to make Indian textile globally competitive

Mega Investment Textiles Parks to be set up to make Indian textile globally competitive

02 January 2021: Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman, in her Union Budget 2021-22 presentation, announced the launch of Mega Investment Textiles Parks (MITRA), in addition to the PLI scheme, to make Indian textile industry globally competitive. Under this project, 7 Textile Parks will be established over 3 years. The project is expected to attract large investments and boost employment generation.

Smt. Nirmala Sitharaman said that this will create world class infrastructure with plug and play facilities to enable create global champions in exports. MITRA will be launched in addition to the Production Linked Incentive Scheme (PLI).

Mentioning about the need to rationalize duties on raw material inputs to man-made textile, the Finance Minister announced of bringing nylon chain on par with polyester and other man-made fibers. Announcing uniform deduction of the BCD rates on caprolactam, nylon chips and nylon fiber and yarn to 5 per cent, the Minister said that the move will help the textile industry, MSMEs and exports too.

Commenting on the MITRA, Union Textiles and Women and Child Development Minister, Smt. Smriti Irani said “MITRA will be a game changer for the Indian Textiles Industry. Along with the PLI scheme, it will lead to increased investments and enhanced employment opportunities.”

In her tweet she said: “Emphasis on state-of-the-art infrastructure through MITRA will give our domestic manufacturers a level-playing field in the international textiles market & pave the way for India to become a global champion of textiles exports across all segments”.

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