The government on Monday unveiled a scheme for setting up mega textile parks in the country, as part of the Centre's efforts to position India as a fully integrated, globally competitive manufacturing and exporting hub for the sector.
Finance Minister Nirmala Sitharaman made the announcement while presenting the Budget 2021-22 in Parliament.
"A scheme of mega investment textile parks will be launched in addition to the PLI scheme," Ms Sitharaman said.
She informed that 7 mega textile parks will be launched in three years as part of the scheme.
The mega textile parks will have integrated facilities and quick turnaround time for minimizing transportation losses, eyeing big-ticket investments in the sector.
The textile ministry had recently said a scheme and a Mega Integrated Textile Region and Apparel (MITRA) Park, in over 1,000 acres of land with state-of-the-art infrastructure, common utilities and Research and Development (R&D) lab, are under consideration.
So far, 59 textile parks have been sanctioned under the scheme for integrated textile parks, out of which 22 have been completed.
The production-linked incentive (PLI) scheme, announced earlier for 10 key sectors including textile and automobiles, would help India become self-reliant, boost manufacturing and enhance exports.
The government had approved the PLI scheme for 10 sectors, taking the total outlay for such incentives to nearly Rs 2 lakh crore over a five-year period.
The Indian textile sector is the sixth-largest exporter of textiles and apparels in the world.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
GST Council Exempts Gene Therapy, Cuts Tax Rate For Rice Kernels 15,000 Crore Of Vijay Mallya, Nirav Modi's Assets Restored To Banks: Centre "Balraj Sahni Was Arrested...": N Sitharaman vs M Kharge Over Constitution 3 Marriages, Rs 1.25 Crore: How 'Looteri Dulhan' Targeted Rich Men Bashar Al-Assad's Wife Files For Divorce, Wants To Return To UK: Report 3 Khalistani Terrorists, Who Attacked Punjab Cops, Killed In UP Encounter "Congress Should Be Ready...": Mani Shankar Aiyar's Big INDIA Bloc Remark Steering, Throttle Fault May Have Caused Mumbai Ferry Crash, Navy Crew Was Aware: Sources "Every Square Metre...": Panama Hits Back At Trump Over Canal Threat Track Latest News Live on NDTV.com and get news updates from India and around the world.