Government issues guidelines for PLI scheme for textiles sector, Retail News, ET Retail
The govt on Tuesday issued the operational rules for the Manufacturing Joined Incentive (PLI) Plan for the textiles sector with an permitted outlay of Rs 10,683 crore. An Empowered Group of Secretaries (EGoS) chaired by the Cupboard Secretary will monitor the progress of the scheme and acquire acceptable action to make sure that the expenditure is in the approved outlay.
The EGoS is also empowered to make any adjustments in the modalities of the plan and deal with any problem related to legitimate hardship that may perhaps arise through the training course of implementation.
As per the approved norms, the scheme will be in operation from September 24, 2021 to March 31, 2030 and the incentive under the plan will be payable for a time period of 5 a long time only.
Any organization/business/LLP/believe in willing to build a individual producing company underneath the Organizations Act 2013, and commit a bare minimum Rs 300 crore, excluding land and administrative setting up value, to manufacture notified products and solutions will be qualified to get the incentive when they realize a minimum amount of Rs 600 crore turnover by the initially effectiveness 12 months.
Less than the scheme, FY 2024-25 will be regarded as the to start with functionality 12 months with a minimum amount approved turnover of Rs 600 crore, according to the rules issued by the textiles ministry. Also any company/organization/LLP/believe in prepared to develop separate a production corporation under the Firms Act 2013, and spend a minimum Rs 100 crore, excluding land and administrative constructing cost, to manufacture notified merchandise will be suitable to get incentive when they accomplish a bare minimum of Rs 200 crore turnover by the first overall performance 12 months.
The ministry will accept on the net applications under the plan from January 1, 2022, through the PLI portal. The software window will continue to be open till January 31, 2022.
