New Delhi. After the approval of the PLI (Performance Linked Incentive) scheme for textile industries, Textile Secretary Upendra Prasad Singh has said that the government is considering PLI-2 for this industry, whose main focus will be on the garments and apparel sector.
He said that the government has so far approved 61 out of 67 applications under this scheme and more than Rs 19,000 crore has been invested for it. Due to this scheme, 2.40 lakh people are expected to get employment in the textile industry. He further said that discussions are on to bring PLI-2, in which an investor of Rs 4,000 crore is possible. The main focus of this investment will be in the garments and apparel sector. More employment is likely to be created in this sector.
Cotton prices have risen
Upendra Prasad said that the price of raw materials has increased all over the world. As a result, the textile industry is also not untouched by it. He said that the prices of cotton have increased a lot and the clothes made from it have also become expensive. He said that the benefit of this jump in price has reached the farmers. Farmers growing cotton have got a good price for it.
Cotton sowing will increase in next 1 year
He said that India is the largest producer and exporter of cotton and the sowing of cotton in the country is expected to increase further in the next one year. According to Upendra Prasad, despite the increase in demand for cotton in the last 7-8 years, its production has been low. Prices are high, yet the demand for cotton clothes has not decreased. However, at present, there is no possibility of further increase in cotton prices.
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Industries will get benefit from PLI and PM Mitra
He said that the government has announced PLI and PM Mitra scheme. These plans will reduce the logistics cost, time of supply of goods. He said that to further increase the reach across the world, emphasis is being laid on man made fiber. At the same time, efforts are being made for a trade agreement to increase trade with the UK.
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Tags: Textile Market
