In a move set to invigorate India’s textile industry, the Ministry of Textiles has granted a two-month extension for fresh applications under the Production-Linked Incentive (PLI) scheme for Textiles. The new deadline is now October 31, 2023, in response to fervent requests from industry stakeholders. This decision follows the reopening of the PLI portal, initially set to close on August 31, 2023.
The PLI scheme for Textiles, which encompasses MMF (Man-Made Fiber) Apparel, MMF Fabrics, and Technical Textile products, has garnered substantial attention from companies looking to invest in India’s burgeoning textile sector. The Ministry’s decision to extend the application deadline underscores the government’s commitment to fostering growth, employment, and innovation in this vital industry.
The textile sector is one of India’s largest employers, providing livelihoods to millions. The PLI scheme’s overarching objective is to incentivize domestic manufacturing, promote exports, and bolster the ‘Make in India’ initiative. The extension of the application deadline allows more companies to participate and contribute to the sector’s growth.
Speaking on the decision, a Ministry of Textiles spokesperson stated, “The response to the PLI scheme has been overwhelming, and we are committed to accommodating the industry’s needs. The extension of the application deadline will give businesses ample time to submit their proposals and tap into the incentives provided under this scheme.”
Under the PLI scheme, approved companies stand to benefit from financial incentives based on their incremental sales of the designated textile products over the base year. These incentives are expected to attract both domestic and international players, fostering competition, innovation, and economic development.
Industry experts have welcomed the extension, seeing it as a positive step toward revitalizing the textile sector, which was impacted by the global pandemic. The additional two months provide businesses with the opportunity to fine-tune their proposals and align them with the scheme’s objectives.
As the extended deadline of October 31, 2023, approaches, the Ministry of Textiles anticipates a surge in applications from companies eager to participate in this transformative initiative. The PLI scheme for Textiles is poised to not only boost production but also solidify India’s position as a textile manufacturing powerhouse in the global market.