67 companies apply for PLI in man-made fibres, techtex: Textiles Secretary
The textile Ministry has received applications from as many as 67 companies to avail benefits under the PLI scheme for man-made fibres and technical textile sectors, a senior official of the ministry said on Saturday.
With the objective of strengthening domestic manufacturing, creating jobs and boosting exports, the government had cleared the Rs 10,683-crore Production Linked Incentive (PLI) scheme for the textile sector last year.
The scheme covers 40 man-made fibre (MMF) garment items, 14 MMF fabric goods and 10 technical textile products.
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Speaking at an event organised by CII, Textiles Secretary Upendra Prasad Singh said, “We have taken a number of steps to promote growth of the technical textile sector. There has been a very good response for the PLI scheme.
“As many as 67 companies have made applications for being a part of the PLI for MMF and technical textiles and against our expectations of over Rs 19,000 crore investments, these companies have shown that they would be investing like Rs 22,000-23,000 crore in the MMF and technical textiles,” he added.
The technical textiles (techtex) segment is a sunrise sector and holds huge potential for growth, the senior bureaucrat further said.
Techtex is used in different areas such as construction, road, railways, healthcare, automobile, and agriculture. The market size of the sector in the country is about $20 billion, while the size of its global market is about $260 billion.