New Delhi, Mar 4 (KNN) The expeditious implementation of the ambitious scheme to develop seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks will help in attracting large investments, including FDI, in the sector besides generating huge employment, according to industry experts.

Prime Minister Narendra Modi, during the inauguration of ‘Bharat Tex 2024’, highlighted the government's comprehensive strategy to develop these parks across various states, aiming to foster growth opportunities for the entire textile industry.

These PM MITRA parks are slated to be established in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra, with an anticipated investment of nearly Rs 70,000 crore and the creation of 20 lakh job opportunities.

The Indian textiles market, valued at Rs 12 lakh crore, underscores the significance of this initiative.

The execution of these projects falls under the purview of the Union Ministry of Textiles, with each park being governed by a special purpose vehicle (SPV) jointly owned by the Central and state governments.

Mithileshwar Thakur, Secretary General, Apparel Export Promotion Council (AEPC), underscores that PM MITRA parks aim to address both traditional and emerging challenges faced by the textiles industry, by integrating the entire value chain from farming to foreign markets, focusing on fibre, fabric, and fashion.

Thakur further elaborates that these parks will create a conducive ecosystem by providing essential utilities, reliable power supply, water availability, wastewater disposal systems, and streamlined regulatory approvals, thus reducing logistical costs and attracting investments, including FDI, while generating substantial employment opportunities.

The textiles ministry intends to support these initiatives by providing financial aid of up to Rs 500 crore per park as development capital.

Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI), praises the PM MITRA scheme for its emphasis on cluster-based production and value chain integration, which not only enhances production and logistic efficiency but also reduces the industry's carbon footprint.

“However, the industry looks forward to a faster implementation of the scheme as the industry presently does not have any important investment promotion scheme to address the need of capacity building for meeting the target of doubling the textile base to USD 350 billion by 2030,” Mehra said.

(KNN Bureau)