India's textile PLI push gathers fresh momentum
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Live Events as a Reliable and Trusted News Source Addas a Reliable and Trusted News Source Add Now! (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The government has approved 22 additional applicants under the third round of the Production Linked Incentive (PLI) scheme for textiles, taking the total number of selected companies under the round to 96 and unlocking proposed investments of over Rs 12,822 crore, a statement showed on Wednesday.The newly approved companies are expected to invest Rs 2,339.14 crore, generate a turnover of Rs 15,561.34 crore in notified products and create 36,217 jobs across the textile value chain.With these approvals, the cumulative committed investment under Round-3 of the scheme has reached Rs 12,822.67 crore, while the projected turnover stands at Rs 58,294.18 crore.The selected companies operate across key focus segments of the PLI scheme, including man-made fibre (MMF) apparel, MMF fabrics and technical textiles, sectors identified by the government as high-growth areas with significant export potential.The ministry said the latest approvals reflect continued industry interest in the scheme and are expected to strengthen India's position as a global manufacturing hub for value-added textile products.The proposed investments are also expected to help build a competitive domestic textile ecosystem, boost manufacturing capacity and support job creation in sunrise segments of the sector.Launched to encourage large-scale investments in advanced textile products, the PLI scheme is a key part of the government's broader strategy to enhance India's competitiveness in global textile markets and promote self-reliance in manufacturing.
The BriefWire