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Mega Investment Textiles Parks (Mitra) Scheme

Mega Investment Textiles Parks (Mitra) Scheme

CONTEXT:

  • Finance Minister Nirmala Sitharaman in Budget 2021-22 announced that a scheme of mega investment textile parks will be launched in addition to the PLI scheme.

ABOUT THE SCHEME:

  • Aim:

    • To double the textile industry size to USD 300 billion by 2025-26.

    • To make textile industry to become globally competitive, attract large investments, boost employment generation and exports.

  • Key Features:

    • There is a plan to establish Seven textile parks over three years.

    • These textile parks will have a world-class infrastructure.

    • It will be set up over 1,000 acres of land with plug-and-play facilities.

SIGNIFICANCE:

  • Emphasis on state-of-the-art infrastructure through MITRA will give our domestic manufacturers a level-playing field in the international textiles market.

  • It will pave the way for India to become a global champion of textiles exports across all segments”

  • (MITRA) will be a game changer for the Indian Textiles Industry. Along with the Production Linked Incentive (PLI) scheme, MITRA will lead to increased investments and enhanced employment opportunities.

Source: The Hindu