Seven Textile parks to be set up in India worth 70,000 crores

Nearly Rs. 70,000 crores investment and 20 lakhs employment generation envisaged

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Textile
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The Government of India announced on March 17 the sites for setting up of 7 PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks for the Textile industry. The Parks will come up in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh and Maharashtra.

Inspired by the 5F vision of the Hon’ble Prime Minister (i.e. Farm to Fibre to Factory to Fashion to Foreign), the PM MITRA Parks are a major step forward in realising the Government’s vision of making India a global hub for textile manufacturing and exports. It is expected that these parks will enhance the competitiveness of the textiles industry by helping it achieve economies of scale as well as attract global players to manufacture in India.

These 7 sites were chosen out of 18 proposals for PM MITRA parks which were received from 13 States. Eligible States and sites were evaluated using a transparent Challenge Method based on objective criteria taking into account a variety of factors such as connectivity, existing ecosystem, textile/industry policy, infrastructure, utility services etc. PM Gati Shakti- National Master Plan for Multi-modal Connectivity was also used for validation.

PM MITRA Parks will help in creating world-class industrial infrastructure that would attract large-scale investment including foreign direct investment (FDI) and encourage innovation and job creation within the sector.

The Ministry of Textiles will oversee the execution of these projects. An SPV owned by the Centre and State Government will be set up for each park which will oversee the implementation of the project. The Ministry of Textiles will provide financial support in the form of Development Capital Support up to Rs. 500 crores per park to the Park SPV. A Competitive Incentive Support (CIS) up to Rs 300 crore per park to the units in PM MITRA Park shall also be provided to incentivise speedy implementation. Convergence with other GOI schemes shall also be facilitated in order to ensure additional incentives to the Master Developer and investor units.

State governments will provide a contiguous and encumbrance-free land parcel of at least 1000 acres of land and will also facilitate the provision of all utilities, Reliable Power Supply and Water availability and Waste Water Disposal system, an effective single window clearance as well as a conducive and stable industrial/textile policy.

The parks will offer an excellent infrastructure, plug-and-play facilities as well as training and research facilities for the industry.

PM MITRA Parks represent a unique model where the Centre and State Governments will work together to increase investment, promote innovation, create job opportunities and ultimately make India a global hub for textile manufacturing and exports. Nearly Rs. 70,000 crores investment and 20 lakhs employment generation is envisaged through these parks.

Source – PIB India

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