’13 applications were made with a minimum investment requirement of ₹300 crore each’
’13 applications were made with a minimum investment requirement of ₹300 crore each’
How many have approved 61 applications for projects with a total investment of £19,077 billion under the Textiles Production Linked Incentive (PLI) scheme, Union Department Textiles Secretary UP Singh told press on Thursday.
Projected revenue from the approved projects is ₹1.84 lakhcrore over five years. Of the 67 applications received, six are still awaiting approval pending further details, he said.
The Textile PLI program was notified on September 24 last year. The approved projects have two years to invest and start production. Of the projects approved to date, 13 have had applications with a minimum investment requirement of ₹300 crore each and 48 with a minimum investment requirement of ₹100 crore each.
The government approved the Textile Products PLI program with the aim of improving manufacturing capacity and exports of selected synthetic fiber products from the country. The approved budget for the program is ₹10,683 crore over five years. Total spending on the approved projects is expected to be ₹6,600 crore and the Department is considering Phase II of the PLI programme. But that is subject to approvals from the relevant authorities, Mr Singh said.
