PLI for MMF and Technical Textiles to be game changer for Indian Textiles Industry: Dr A Sakthivel, President, FIEO
cityairnews
Sep 8, 2021 07:29
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Ludhiana, September 8, 2021: Hailing the Production Linked Incentive (PLI) Scheme for the MMF and Technical Textiles, Dr A Sakthivel, President, FIEO said that this is a game changer for the Indian textiles industry. Thanking the Hon'ble Prime Minister, Commerce & Industry and Textiles Minister and Finance Minister, he said that the Scheme addresses the major concerns of the garment exporters by encouraging domestic manufacturing of man-made fabrics which hitherto is being imported and thus would add to domestic value addition with attendant benefits in employment.
President, FIEO said that the global MMF market is about US$ 200 Bn and India should aim to get 10% of the market in the next 5 years. The Scheme will help in realigning our exports strategy which so far has been dependent on cotton products to move to man-made and technical textiles which together account for roughly two-third of the global trade in textiles. The MMF apparels currently account for 20% of our overall apparel exports and we should increase its share to 50% in next 5 years, said Dr Sakthivel.
The Scheme will attract investment both domestically as well as through the FDI route as many companies in North and Far East are keen to invest in the MMF and Technical Textiles sectors.
The focus on setting up the unit in Tier-III and IV cities as well as in rural areas will help in inclusive growth and provide jobs at the doorstep. Since the priority under the Scheme will be on job creation, Dr Sakthivel said that the investment sought in the Scheme and the capital employment ratio in the textiles industry will help us to cross the direct employment target of 7.5 lakh.
FIEO Chief said that he is looking to increase the share of apparel & textiles in the country's exports as besides PLI, the RoSCTL/RoDTEP and the proposal to set up 7 Mega Textiles Parks will increase the competitiveness of our manufacturing and exports.
Dr Sakthivel said that the PLI Scheme will make India, Atma Nirbhar in man-made fabrics thus paving the way to make it a global champion in man-made apparels and technical textiles as well.
