PLI scheme: Government eyes 2nd edition for textile industry in garments & apparel segment; KPR Mills, Vardhman Textiles, others gain
Along with man-made fibers and technical textiles, the government also wants to promote khadi through this scheme, where the budget provision of Rs 4000 crore is likely to be allocated, said the sources.
The government is mulling to bring a second edition of a PLI (Production Incentives Linked) scheme for the textile industry, mainly in the garment and apparel segment, sources told Zee Business.
Along with man-made fibers and technical textiles, the government also wants to promote khadi through this scheme, where the budget provision of Rs 4000 crore is likely to be allocated, said the sources.
The Ministry of Textiles held a meeting with the industry stakeholders on May 17, 2022 and aims to complete the approval and cabinet process soon by August-September and mostly by October the scheme will be implemented.
The new PLI scheme aims to make India a garment hub. In this regard, a LoA (Letter of Authorisation) has been sent to 64 companies under the previous PLI scheme and industry to complete investment process in next 2 years.
टेक्सटाइल इंडस्ट्री के लिए अच्छी खबर..
टेक्सटाइल इंडस्ट्री के लिए नई PLI स्कीम जल्द..
गारमेंट और अपैरल इंडस्ट्री के लिए नई PLI स्कीम..
अगले 2 सालों में इंडस्ट्री को निवेश प्रक्रिया पूरी करनी है..
जानिए पूरी खबर अंबरीश पांडे से...@pandeyambarish pic.twitter.com/vLSSusYbwz
— Zee Business (@ZeeBusiness) May 30, 2022
The market analyst and TradeSwift Director Sandeep Jain termed the Zee Business Exclusive on the new PLI scheme as positive news. He said that the government gives special importance to this sector, as textile has been the biggest employer in India.
Being bullish on the overall sector, Jain advised to Buy textile stocks on dips whenever possible.
Textile stocks such as KPR Mills, Vardhman Textiles, Gokaldas Exports, Siyaram Silks surged up to 4 per cent higher intraday on the exchanges on Tuesday.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
12:32 PM IST