Ajit Karn
Prime Minister Modi stated that PM MITRA (Mega Integrated Textile Region and Apparel) will advance the textiles industry in accordance with the 5F (Farm to Fibre to Factory to Fashion to Foreign) vision.
Prime Minister Narendra Modi formally launched the 4,445 crore project to develop seven ‘PM MITRA’ mega textile parks – one each in Karnataka, Tamil Nadu, Telangana, Maharashtra, Gujarat, Madhya Pradesh, and Uttar Pradesh – which, according to the textiles ministry, will attract 70,000 crore investments, create 2 million jobs, and substantially increase exports.
The seven sites were chosen after evaluating 18 proposals submitted by 13 states, according to a textile ministry statement. The government has focused on providing incentives to increase exports of labour-intensive products such as textiles, which are presently facing formidable headwinds due to a decline in global demand.
In April-January 2022-23, India’s exports of textile products decreased by 16.57 percent year-over-year to $30.26 billion, while their imports increased by 33.5% to $8.95 billion.
PM Modi tweeted on Friday that “PM MITRA mega textile parks will boost the textiles sector in line with the 5F (Farm to Fibre to Factory to Fashion to Foreign) vision.”
PM MITRA, which stands for Mega Integrated Textile Region and Apparel, will provide cutting-edge infrastructure for the textiles industry, attract billions of dollars in investment, and generate millions of employment. He added in another tweet that it will be a wonderful example of “Make in India” and “Make For the World.”
The minister of textiles, Piyush Goyal, stated that the seven parks will provide “a significant boost to the Aatmanirbhar Bharat mission” and establish an integrated textile value chain at a single location.
With world-class industrial infrastructure, this measure will not only attract investment, but also reduce logistics costs for the industry. As least-developed countries (LDCs) such as Bangladesh have duty-free access to global textile markets, global textile commerce is highly competitive in terms of price.
Union finance minister Nirmala Sitharaman commented on the development, stating that the PM MITRA Park scheme is “a practical replica” of the Prime Minister’s “5F vision” and “a significant step towards building an Aatmanibhar Bharat and positioning India strongly on the global textiles map.”
According to an official statement, PM MITRA Parks will aid in the development of world-class industrial infrastructure that will attract large-scale investment, including foreign direct investment (FDI), and promote innovation and employment creation in the sector. These initiatives will be overseen by the Ministry of Textiles.
“For each park, an SPV owned by the federal and state governments will be established to oversee the implementation of the initiative. The Park SPV will receive financial support from the Ministry of Textiles in the form of Development Capital Support of up to 500 crore per park, according to the document.
A Competitive Incentive Support (CIS) of up to 300 crore per park will be provided to the entities in PM MITRA Park to encourage rapid implementation. Convergence with other government programmes will also be facilitated to provide additional incentives to the Master Developer and investor entities, according to the document.
State governments will provide a land parcel of at least 1,000 acres that is contiguous and free of encumbrances. They will also facilitate the provision of all utilities, a reliable power supply and water supply, a wastewater disposal system, an effective single window clearance, and a stable industrial/textile policy.
“The parks will provide an outstanding infrastructure, plug-and-play facilities, and training and research facilities for the industry,” it stated.
Also read this:SVB Financial group seeks bankruptcy protection amidst banking crisis
It was stated that PM MITRA Parks represent a model where the Centre and State Governments will collaborate to increase investment, promote innovation, create employment opportunities, and ultimately make India a global hub for textile manufacturing and exports. Through these parks, the ministry of textiles anticipates the creation of 200,000 jobs and an investment of close to Rs. 70,000 billion.
