‘2 million new jobs to be created under PM MITRA’, says Piyush Goyal

The Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) parks may generate 2 million jobs in the coming four years, Union Commerce and Industry Minister Piyush Goyal said on Friday, while announcing the sites for seven textile parks.

“It is estimated that about 2 million new direct and indirect jobs will be created in the seven parks announced under the scheme till 2027, along with investment of about Rs 70,000 crore to create infrastructure in these parks,” he said.

Earlier in the day, the government announced the setting up of seven PM-MITRA parks for the textile industry to increase investment, promote innovation, create job opportunities and make India a global hub for textile manufacturing and exports.

Of the 13 states that competed, seven — Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra — were selected.

“It is expected that these parks will enhance the competitiveness of the textiles industry by helping it achieve economies of scale as well as attract global players to manufacture in India,” said the textile ministry in a statement.

The scheme, first announced in the FY22 Budget, aims to develop integrated and modern industrial infrastructure facilities for the entire value-chain of the textile industry.

Goyal said all selected states have assured of fast-tracking land acquisition so that projects don’t get delayed and the target of increasing the textile exports to $100 billion by 2030 is achieved.

Prime Minister Narendra Modi in a social media post said the mega textile parks will boost the textiles sector in line with 5F (farm to fibre to factory to fashion to foreign) vision.

“The PM MITRA mega textile parks will provide state-of-the-art infrastructure for the textiles sector, attract investment of crores and create lakhs of jobs. It will be a great example of ‘Make in India’ and ‘Make For the World,” the Prime Minister tweeted.

The Rs 4,445-crore centrally sponsored scheme will be in operation till 2027 under the Ministry of Textiles. A special purpose vehicle (SPV) owned by the Centre and state governments will be set up for each park, which will oversee the implementation of the project. The government is also expected to facilitate convergence with other schemes to ensure additional incentives to the master developer and investor units.

“The Ministry of Textiles will provide financial support in the form of Development Capital Support up to Rs 500 crore per park to the Park SPV (special purpose vehicle). A Competitive Incentive Support (CIS) up to Rs 300 crore per park to the units in PM MITRA Park shall also be provided to incentivise speedy implementation,” said textile ministry in a statement.

A Sakthivel, president, Federation of Indian Export Organisation (FIEO), said schemes such as PM MITRA will hasten the decision-making of investors in India’s favour as with the realignment of the global value chain and focus on friendshoring, India is on the radar of global investors, who are looking for investment and expansion outside China.

Naren Goenka, chairman, Apparel Export Promotion Council (AEPC), said the scheme will re-establish India’s dominance as a global textiles leader by enhancing apparel exports exponentially and creating massive employment opportunities.

“The scheme offers a unique opportunity where spinning, weaving, dyeing, printing and stitching will be at the single location. This will drastically reduce logistics costs and make the apparel sector globally competitive in the true sense of the term by integrating the value chain, creating economies of scale, and making Indian garment exports ESG compliant,” Goenka added.

Disclaimer: This post has been auto-published from an agency/news feed without any modifications to the text and has not been reviewed by an editor.

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