Govt extends timeline for applications under PLI textile scheme to Feb 28, Retail News, ET Retail

New Delhi: The Ministry of Textiles has after once more extended the timeline for submission of apps below the Manufacturing Joined Incentives scheme for textiles till February 28.

The Federal government had set the date of submission of on the web software less than the Rs 10,683 crore PLI scheme for textiles to January 31, 2022 which in late January was extended till February 14, 2022. As per the approved norms, the plan will be in operation from September 24, 2021 to March 31, 2030 and the incentive under the scheme will be payable for 5 decades.

The Indian textile market has a share of 5 for every cent of world exports in textiles and apparel. But India’s share in the artifical fibre (MMF) phase is reduced in distinction to the world-wide usage pattern, which is majorly in this segment. The PLI plan will draw in large financial investment in the sector to further boost domestic producing, primarily in the MMF segment and technological textiles.

Any enterprise/organization/LLP/belief willing to produce a independent producing agency underneath the Corporations Act, 2013, and spend a minimal of Rs 300 crore, excluding land and administrative building charge, to manufacture notified products will be eligible to get the incentive. This is subject to the entities accomplishing a bare minimum of Rs 600 crore turnover by the first efficiency yr. Beneath the plan, FY 2024-25 will be thought of as the very first general performance yr.