Mithileshwar Thakur, secretary general of Apparel Export Promotion Council (AEPC), reportedly stated that PM MITRA parks aim to tackle longstanding challenges in the textile industry, integrating the entire value chain under one roof, inspired by the PM’s 5F vision while Rakesh Mehra, chairman of Confederation of Indian Textile Industry (CITI), hailed the PM MITRA scheme as a pioneering effort for capacity building and investment attraction.
Prime Minister Narendra Modi, during the inauguration of Bharat Tex 2024, had unveiled plans to establish seven PM MITRA parks across various states, emphasising the creation of opportunities for the entire textile sector.
These parks, set to be located in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra, aim to generate around ₹70,000 crore of investment and create 20 lakh employment opportunities.
The Union ministry of textiles is overseeing the execution of these projects, with each park to be managed by a special purpose vehicle (SPV) owned by the centre and state governments.
According to a recent report by rating agency ICRA, the PM MITRA parks, along with other government schemes, are expected to drive growth in the textile sector even as these schemes offer Competitive Incentive Support (CIS) and facilitates convergence with other government schemes to incentivise speedy implementation and attract investment.
State governments are required to provide land parcels and utilities to support the establishment of these parks, ensuring seamless operations and growth in the textile value chain.
ALCHEMPro News Desk (DR)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
