7 New Mega Parks to Revitalize India's Textile Industry

New Delhi, Oct 22 (KNN) In a significant boost for India's textile industry, the seven mega textile parks under the PM MITRA scheme are expected to attract an investment of Rs 95,000 crore over the next 3-5 years.

Textiles Secretary Rachna Shah announced this promising projection on Monday, highlighting the transformative potential of the scheme alongside the Production-Linked Incentive (PLI) initiative for man-made fabrics and technical textiles.

The mega parks, strategically located in Tamil Nadu (Virudhunagar), Telangana (Warangal), Gujarat (Navsari), Karnataka (Kalburgi), Madhya Pradesh (Dhar), Uttar Pradesh (Lucknow/Hardoi), and Maharashtra (Amravati), are anticipated to generate substantial investment.

Each park is expected to attract approximately Rs 10,000 crore, contributing to a total of around Rs 70,000 crore, while the PLI scheme is projected to bring in an additional Rs 25,000 crore for technical textiles and man-made fibers.

Shah elaborated that the investments are not solely limited to these schemes; foreign direct investment (FDI) and other funding sources are also expected to play a pivotal role in invigorating the sector.

“Much more substantive outcomes are being envisaged from the Bharat Tex 2025 mega textiles event scheduled for February next year, not only in terms of Memoranda of Understanding (MoUs) but also in generating business and investment opportunities,” she noted.

The PLI scheme, approved by the government in 2021 with a financial outlay of Rs 10,683 crore, aims to stimulate the production of man-made fabrics and technical textile products over five years.

This initiative underscores the government's commitment to enhancing India’s position in the global textile market, particularly in “sunrise sectors” that include man-made fabrics and technical textiles.

P Kumaran, Special Secretary in the Ministry of External Affairs, expressed excitement about the upcoming Bharat Tex 2025 event, which promises to be even larger than its predecessor held in 2024.

Scheduled for February 14-17, the event aims to foster collaboration between domestic and international stakeholders. Kumaran urged foreign missions in India to engage actively, stating, “Bharat Tex represents a unique opportunity to tap into the vibrancy and creativity of Indian textiles, providing access to markets and export channels worldwide.”

As India positions itself as a global textile hub, the successful implementation of these mega parks and related initiatives could catalyze unprecedented growth in the sector, paving the way for innovation, investment, and international partnerships.

(KNN Bureau)