PLI scheme for textiles: Govt extends deadline for applications till Feb 14

As per the prescribed norms, the scheme will be in operation from September 24, 2021 to March 31, 2030 and the incentive under the scheme will be payable for five years.

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Under the scheme, FY 2024-25 will be considered as the first performance year.

The government has extended the deadline till February 14 for submitting applications for the Rs 10,683 crore-Production Linked Incentives scheme for textiles. “Earlier, the date of submission of online application under PLI Scheme for Textiles was up to 31st January 2022,” the textiles ministry said in a statement on Friday. As per the prescribed norms, the scheme will be in operation from September 24, 2021 to March 31, 2030 and the incentive under the scheme will be payable for five years.

Any company/firm/LLP/trust willing to create a separate manufacturing firm under the Companies Act, 2013, and invest a minimum Rs 300 crore, excluding land and administrative building cost, to manufacture notified products will be eligible to get the incentive. This is subject to the entities achieving a minimum of Rs 600 crore turnover by the first performance year. Under the scheme, FY 2024-25 will be considered as the first performance year.

Any company/firm/LLP/trust willing to create a separate manufacturing company and invest a minimum Rs 100 crore, excluding land and administrative building cost, to manufacture notified products will be eligible to get incentive when they achieve a minimum of Rs 200 crore turnover by the first performance year.

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