Special Purpose Vehicles (SPVs) Established for the Establishment of 7 PM MITRA Parks, Confirms Textile Secretary

Textiles Secretary Rachna Shah has announced the formation of Special Purpose Vehicles (SPVs) to oversee the establishment of seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks across Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra.

During a media briefing on Tuesday, Shah highlighted the significant economic impact of the parks, estimating the creation of almost 3 lakh jobs in each park. Each park is expected to attract around ₹10,000 crore in investment, emphasizing cutting-edge technology and ease of doing business. The development of these parks, planned to position India as a global hub for textiles, will be executed through a Public-Private Partnership (PPP) model, featuring world-class infrastructure and plug-and-play facilities.

Providing an update on the Production-Linked Incentive (PLI) scheme focused on promoting the production of man-made fiber (MMF) fabric, MMF apparel, and technical textiles, Shah reported the participation of 64 companies in the scheme. Of these, 30 companies have made substantial progress and are anticipated to commence production later this year. Over a five-year period, the PLI scheme for textiles is expected to attract fresh investments exceeding ₹19,000 crore, achieve cumulative turnover surpassing ₹3 lakh crore, and generate an additional 7.5 lakh jobs in the sector, along with numerous supporting activities.

Additionally, Shah shared information about Bharat Tex 2024, the global textile expo scheduled to take place in New Delhi from February 26 to 29. The expo is anticipated to host over 3,500 exhibitors and attract more than 3,000 overseas buyers. Serving as an opportunity for India to showcase itself as a global sourcing and investment destination, Bharat Tex 2024 aims to bring together stakeholders across the textile value chain, including government and industry representatives.

HBL