New Delhi (NVI): The government today proposed a scheme for setting up of Mega Investment Textiles Parks (MITRA) in India, to make the textile industry globally competitive and attract large investments.
Union Finance Minister Nirmala Sitharaman made the announcement on MITRA scheme while presenting the Union Budget 2021-22 in the parliament.
In her Budget speech, Sitharaman said that, “MITRA will be launched in addition to the Production Linked Incentive Scheme (PLI). This is will create world class infrastructure with plug and play facilities to enable create global champions in exports.”
She also mentioned about the need to rationalize duties on raw material inputs to man-made textile and announced of bringing nylon chain on par with polyester and other man-made fibers, the Ministry of Textiles said in a statement.
The Finance Minister further announced on uniform deduction of the basic custom duty (BCD) rates on caprolactam, nylon chips and nylon fiber and yarn to 5 per cent.
“This move will help the textile industry, MSMEs and exports too,” she was quoted saying in a statement.
Commenting on the Investment Textiles Parks scheme, Union Textiles Minister, Smriti Irani took to Twitter and said, MITRA will be a game changer for the Indian Textiles Industry.
“Along with the Production Linked Incentive (PLI) scheme, MITRA will lead to increased investments and enhanced employment opportunities,” she added.
#AatmanirbharBharatKaBudget announcement on Mega Investment Textiles Parks (MITRA) will be a game changer for the Indian Textiles Industry. Along with the Production Linked Incentive (PLI) scheme, MITRA will lead to increased investments and enhanced employment opportunities.
— Smriti Z Irani (@smritiirani) February 1, 2021
In another tweet Irani said, “Emphasis on state-of-the-art infrastructure through MITRA will give our domestic manufacturers a level-playing field in the international textiles market & pave the way for India to become a global champion of textiles exports across all segments.”
Emphasis on state-of-the-art infrastructure through MITRA will give our domestic manufacturers a level-playing field in the international textiles market & pave the way for India to become a global champion of textiles exports across all segments. #AatmanirbharBharatKaBudget
— Smriti Z Irani (@smritiirani) February 1, 2021
-RJV
