December 4, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

Govt grants Rs 4.4k crore for 7 textile parks

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, Govt grants Rs 4.4k crore for 7 textile parks, The World Live Breaking News Coverage & Updates IN ENGLISH
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, Govt grants Rs 4.4k crore for 7 textile parks, The World Live Breaking News Coverage & Updates IN ENGLISH
, Govt grants Rs 4.4k crore for 7 textile parks, The World Live Breaking News Coverage & Updates IN ENGLISH

NEW DELHI: The union Cabinet on Wednesday cleared a Rs 4,445-crore scheme to set up seven mega integrated textile region and apparel parks (MITRA), each spread over 1,000 acres, in a move aimed at creating large textile facilities to take on global competition.
The plan is to set up the parks on a greenfield and brownfield basis, with each costing around Rs 1,700 crore and the Centre providing up to Rs 200-500 crore development support for infrastructure creation.
In addition, there will be an “early bird” incentive of Rs 300 crore, up to 3% of a unit’s turnover, for setting up a facility in one of the seven MITRAs. The PM MITRA parks were announced in the Budget and the funding is to be provided over five years.
Textiles minister Piyush Goyal said that 10 states — Tamil Nadu, Punjab, Odisha, Andhra Pradesh, Gujarat, Rajasthan, Assam, Madhya Pradesh, and Telangana — have evinced interest in setting up these parks, which are expected to directly generate around seven lakh jobs.
While the parks will be awarded as per “challenge” method, the government will soon announce criteria such as connectivity to ports, power and water availability, the presence of the textile eco-system in a state as well as the implementation of labour laws, textiles secretary Upendra Pratap Singh said.

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