Overview on aggregate investments in textiles under PLI: official
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23nd September 2021, Mumbai:
V. K. Singh, Additional Secretary, Ministry of Textiles, at an Indian Chamber of Commerce (ICC) meeting exhorted 'Textile entrepreneurs' to start giving a serious consideration to meet the Production Linked Incentive (PLI) Scheme’s minimum investment criteria & also start to look at undertaking joint investments.
Given that the criterion for a minimum investment of ₹100 crore under the PLI to make apparel and subject to the condition that the products should have 85% manmade fibre (MMF) content is not very plausible/ may be unviable for the garment units, Sanjay Jain, chairman of the ICC expert committee on textiles and jute, appealed to have a re-look by urging that a downward revision in the minimum investment criterion can be a compelling positive for the trade started to look at investments/ dust off expansions in foreseeable future
Experts also opine that raising GST rates for garments priced lower than ₹1,000 to 12% from 5% would trigger inflationary trends and will hurt MSMEs seriously
Singh observed that responding to requests for a reduction in the investment criteria ingenuity can play out here as two or three industries could collaborate to invest in a company to meet the criteria and achieve higher scales of production something the Indian textile sector is vying since long.
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