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HomeAssociationsNew Textile Policy to enhance export performance & create better job opportunities

New Textile Policy to enhance export performance & create better job opportunities

17 Febaruary 2021: Government is considering promotion of Man-Made Fibres (MMF) and Technical Textile under Production Linked Incentive (PLI) scheme. Ministry of Textiles is contemplating a New Textile Policy which is now in its draft stage. New Textile Policy will give thrust on enhancing export performance and creating better employment opportunities. New Textile Policy is being formulated by holding widespread consultations with various associations, industry bodies, State Governments and other stakeholders representing subsectors viz. Cotton, Silk, Jute Wool, Handloom, Handicrafts, Powerloom etc.

The formulation of Focus Product Incentive Scheme (FPIS) under the ambit of Production Linked Incentive (PLI) Scheme is in process. The objective of the FPIS would be creating global champions in MMF apparel and Technical Textiles and capturing substantial share in global trade in these segments. The scheme will provide incentive from 3% to 15% on stipulated incremental turnover for a period of five years after one year gestation period for brownfield investment and two years gestation period for greenfield investment.

The proposed Mega Integrated Textile Regions and Parks scheme (MITRA) will enable textile industry to achieve size and scale so as to become globally competitive and also create global champions in exports, according to Minister of Textiles, Smt. Smriti Irani.

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