July 19, 2023
This decision came in response to requests from industry stakeholders
Last year, the textiles ministry approved 64 applications under the INR 19,798 crore Product Linked Incentive (PLI) scheme
In Part-2, the minimum investment required is INR 100 crore, and the minimum turnover should be INR 200 crore
With approximately INR 4,000 crore of unutilized budget in the ministry, PLI 2.0 for the textile sector is being considered
The Ministry of Textiles has reopened the portal for the performance-linked incentive (PLI) scheme and is now accepting applications from companies interested in investing in the man-made fibres (MMF) apparel, MMF fabrics, and technical textile sectors.
This decision came in response to requests from industry stakeholders. Applications will be accepted until August 31.
Last year, the textiles ministry approved 64 applications under the INR 19,798 crore scheme. Part-1 of the PLI scheme requires a minimum investment of INR 300 crore, with a minimum turnover of INR 600 crore to be achieved to qualify for incentives. In Part-2, the minimum investment required is INR 100 crore, and the minimum turnover should be INR 200 crore.
With approximately INR 4,000 crore of unutilized budget in the ministry, PLI 2.0 for the textile sector is being considered, and it is possible that products such as bedspreads and textile accessories like lace, buttons, and zippers could be included under the scheme.
The reopening of the portal provides new opportunities for companies to participate in and benefit from the PLI scheme in the textile sector. The ministry mentioned that all the terms and conditions previously notified in the notifications and guidelines remain applicable to the current reopening of the scheme.
Source: Economic Times