Mega textile parks on lines of China in the works

New Delhi: India is likely to develop seven mega textile parks, on the lines of China and Vietnam, as part of a plan to double the industry size to $300 billion by 2025-26.The textiles ministry has readied a Cabinet note on the proposed national textiles policy, which seeks to position India as a fully integrated, globally competitive manufacturing and exporting hub.The policy covers the entire spectrum of textiles, silk, handloom and exports, with a focus on employment generation and environment.MITRA (Mega Integrated Textile Region and Apparel) parks are a key element of the policy to attract investment in the sector.“There is a proposal to set up seven such parks," an official in the know of the details said.Similar parks already exist in China, Vietnam and Ethiopia where the entire textiles value chain is covered, he added.These seven parks would be set up on over 1,000 acres of land and will have uninterrupted water and power supply, common utilities and research and development labs.India has already sanctioned 59 textile parks under the Scheme for Integrated Textile Parks (SITP), of which 22 have been completed. However, their slow progress due to delays in obtaining land and other statutory clearances from state governments and tardy fund mobilisation, have prompted the government to develop MITRA parks.Under the SITP, which was launched in 2005, infrastructure for textile units was to be developed in a public-private partnership model, with the government granting up to 40% of the project cost, subject to a ceiling of ₹40 crore for each park. 80202384

from Economic Times https://bit.ly/3qaLTbs
via IFTTT