Industry experts recently emphasised that expeditious implementation of the ambitious PM MITRA scheme, aimed at developing seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks, will significantly attract large investments, including Foreign Direct Investment (FDI), in the sector while generating substantial employment.
Mithileshwar Thakur, Secretary General of Apparel Export Promotion Council (AEPC), reportedly stated that PM MITRA parks aim to tackle longstanding challenges in the textile industry, integrating the entire value chain under one roof, inspired by the PM’s 5F vision while Rakesh Mehra, Chairman of Confederation of Indian Textile Industry (CITI), hailed the PM MITRA scheme as a pioneering effort for capacity building and investment attraction.
Prime Minister Narendra Modi, during the inauguration of Bharat Tex 2024, had unveiled plans to establish seven PM MITRA parks across various states, emphasising the creation of opportunities for the entire textile sector. These parks, set to be located in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra, aim to generate around Rs. 70,000 cr of investment and create 20 lakh employment opportunities.
The Union Ministry of textiles is overseeing the execution of these projects, with each park to be managed by a special purpose vehicle (SPV) owned by the Centre and State Governments.
According to a recent report by rating agency ICRA, the PM MITRA parks, along with other government schemes, are expected to drive growth in the textile sector even as these schemes offer Competitive Incentive Support (CIS) and facilitates convergence with other government schemes to incentivise speedy implementation and attract investment.
State Governments are required to provide land parcels and utilities to support the establishment of these parks, ensuring seamless operations and growth in the textile value chain.
Industry experts recently emphasised that expeditious implementation of the ambitious PM MITRA scheme, aimed at developing seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks, will significantly attract large investments, including Foreign Direct Investment (FDI), in the sector while generating substantial employment.
