Budget 2021 unveils scheme for setting up mega textile parks in India

By: |
February 01, 2021 12:26 PM

Budget 2021 Live from Parliament, Union Budget 2021-22 Live Updates: The mega textile parks will have integrated facilities and quick turnaround time for minimizing transportation losses, eyeing big-ticket investments in the sector

Union Budget 2021, Budget 2021, textile park7 mega textile parks will be launched in three years (Reuters Image)

Budget 2021 Announcements, Union Budget 2021 Announcements, Budget 2021 News: 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,” 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.

Also Read : Check Union Budget 2021 Live Updates here: 

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.

Do you know What is Finance Bill, Short Term Capital Gains Tax, Fiscal Policy in India, Section 80C of Income Tax Act 1961, Expenditure Budget? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.