As many as 96 companies have been selected under the third round of the Production Linked Incentive (PLI) scheme for textiles with a total investment commitment of Rs 12,822.67 crore, the government said on Wednesday.
The textile ministry said 22 new applicants have been cleared in the latest meet under the Round 3 of the Production Linked Incentive (PLI) Scheme for Textiles. The 22 newly approved companies are expected to bring in a total investment of Rs 2,339.14 crore, generate a projected turnover of Rs 15,561.34 crore in notified products and create 36,217 employment opportunities across the textile value chain.
“A total of 96 companies have been selected under Round-3 of the scheme with a total committed investment of Rs 12,822.67 crore and a projected turnover of Rs 58,294.18 crore,” an official statement said.
The approved applicants span key focus segments of the PLI Scheme, including Man-Made Fibre (MMF) Apparel, MMF Fabrics and Technical Textiles, thereby further strengthening India's position as a global hub for value-added textile manufacturing.
“The addition of these companies under the PLI scheme reflects the continued industry response to the government's efforts to promote investments in sunrise segments of the textile sector. The proposed investments and production capacities are expected to support the development of a robust and globally competitive textile ecosystem aligned with the vision of Aatmanirbhar Bharat,” the statement said.
The PLI Scheme for Textiles was notified on September 24, 2021, with an objective to promote the production of MMF apparel & fabrics and products of technical textiles in the country to enable the industry to achieve size and scale, become competitive, create employment opportunities for people and support the creation of a viable enterprise.
Extension of MFI credit guarantee scheme approved
The government has approved the extension of the Credit Guarantee Scheme for Microfinance Institutions 2.0 and a hike in the maximum loan limit to Rs 1,000 crore. As of date, loans totalling Rs 770 crore have been sanctioned under the scheme, the Finance Ministry said in a statement. The CGSMFI-2.0 scheme was introduced on March 20 and aims to provide guarantee cover to banks/FIs through National Credit Guarantee Trustee Company Limited (NCGTC) against expected losses on the financial assistance extended by them to NBFC-MFIs and MFIs for on-lending to small borrowers.
Also read: PLI scheme-backed investments extended to 'specialty steel'
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