Latest news with #GautamKalra
Business Standard
2 days ago
- Business
- Business Standard
PLI Scheme - A Game Changer for India's Textile Sector
PNN Mumbai (Maharashtra) [India], July 14: The Production Linked Incentive (PLI) Scheme for Textiles, launched in 2021, has emerged as a transformative initiative for India's textile industry. Operational from 24th September 2021 to 31st March 2030, the scheme offers financial incentives for a period of five years to promote manufacturing in Manmade Fibre (MMF) apparel, fabrics, and technical textiles, thereby enabling scale, competitiveness, and global integration. The Ministry of Textiles has taken several proactive measures to ensure the success of the Scheme. It has expanded the coverage of eligible products by notifying additional HS Codes for Technical Textiles. In a significant move towards early support, the Ministry approved amendments on 20th February 2025, facilitating early disbursements amounting to ₹54 crore. "The PLI Scheme is truly a game changer for our textile industry," said Mr. Gautam Kalra, Madura Industrial Textiles Pvt. Ltd., one of the Scheme's beneficiaries. "It's not just about financial incentives -- the Scheme has facilitated technology transfer and innovation in India's MMF and technical textiles sector." Under the Scheme, the minimum investment threshold is ₹100 crore (Part 1) and ₹300 crore (Part 2), with incentive disbursements linked to achieving an incremental turnover of 25%over the previous year. Mr. Nikhil Datye, CFO, Nobel Hygiene Private Limited., another beneficiary, remarked, "The support under the PLI Scheme has enabled us to accelerate investments in automation, product development, capacity expansion, and employment generation." Incentive payouts will cover five financial years (FY 2025-26 to FY 2029-30), based on performance in the FY 2024-25 to FY 2028-29 period, with a total budgetary outlay of ₹10,683 crore. Till date, the Scheme has catalyzed: * Investments of ₹7,343 crore * Turnover of ₹4,648 crore * Exports of ₹538 crore. Technical textiles have emerged as a major focus area under the Scheme, accounting for 56.75% of the 74 selected applications, spanning 42 companies. "The Scheme has rightly recognised the potential of Technical Textiles and Manmade Fibre Textiles by including a wide range of their products," said Mr. Shaleen Toshniwal, Chairman, MATEXIL (Manmade and Technical Textiles Export Promotion Council), the official EPC designated to promote exports in these segments. By boosting production of high-tech products like auto safety equipment, glass fibre, and carbon fibre, the Scheme is not only driving foreign investment but also enhancing India's positioning as a competitive global textile hub. These materials are vital to high-growth industries, enabling India's textile sector to meet international standards and challenge established exporters like China, Vietnam, and Bangladesh. For more information, please visit:
Fibre2Fashion
7 days ago
- Business
- Fibre2Fashion
PLI Scheme boosts India's textile exports & investments
The Production Linked Incentive (PLI) Scheme for Textiles, launched in 2021, has emerged as a transformative initiative for India's textile industry. Operational from 24th September 2021 to 31st March 2030, the scheme offers financial incentives for a period of five years to promote manufacturing in Manmade Fibre (MMF) apparel, fabrics, and technical textiles, thereby enabling scale, competitiveness, and global integration. Launched in 2021, the PLI Scheme for Textiles is driving growth in India's MMF and technical textiles with ₹7,343 crore (~$856.7 million) investments and ₹538 crore (~$62.7 million) exports so far. With ₹10,683 crore (~$1.25 billion) outlay, it offers five years of incentives for eligible firms. Beneficiaries highlight gains in innovation, automation, and exports. The Ministry of Textiles has taken several proactive measures to ensure the success of the Scheme. It has expanded the coverage of eligible products by notifying additional HS Codes for Technical Textiles. In a significant move towards early support, the Ministry approved amendments on 20th February 2025, facilitating early disbursements amounting to ₹54 crore. 'The PLI Scheme is truly a game changer for our textile industry,' said Mr. Gautam Kalra, Madura Industrial Textiles Pvt. Ltd., one of the Scheme's beneficiaries. 'It's not just about financial incentives — the Scheme has facilitated technology transfer and innovation in India's MMF and technical textiles sector.' Under the Scheme, the minimum investment threshold is ₹100 crore (Part 1) and ₹300 crore (Part 2), with incentive disbursements linked to achieving an incremental turnover of 25% over the previous year. Mr. Nikhil Dake, CFO, Global IGN Pvt. Ltd. , another beneficiary, remarked, 'The support under the PLI Scheme has enabled us to accelerate investments in automation, product development, capacity expansion, and employment generation.' Incentive payouts will cover five financial years (FY 2025–26 to FY 2029–30), based on performance in the FY 2024–25 to FY 2028–29 period, with a total budgetary outlay of ₹10,683 crore (~$1.25 billion). Till date, the Scheme has catalyzed: Investments of ₹7,343 crore (~$856.7 million). Turnover of ₹4,648 crore Exports of ₹538 crore (~$62.7 million). Technical textiles have emerged as a major focus area under the Scheme, accounting for 56.75% of the 74 selected applications, spanning 42 companies. 'The Scheme has rightly recognised the potential of Technical Textiles and Manmade Fibre Textiles by including a wide range of their products,' said Mr. Shaleen Toshniwal, Chairman, MATEXIL (Manmade and Technical Textiles Export Promotion Council), the official EPC designated to promote exports in these segments. By boosting production of high-tech products like auto safety equipment, glass fibre, and carbon fibre, the Scheme is not only driving foreign investment but also enhancing India's positioning as a competitive global textile hub. These materials are vital to high-growth industries, enabling India's textile sector to meet international standards and challenge established exporters like China, Vietnam, and Bangladesh. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
