New Delhi: The upcoming budget could unveil a scheme for setting up of mega textile parks aimed at positioning India as a fully integrated, globally competitive manufacturing and exporting hub.
The finance and textiles ministries are in discussion over the scheme that will offer incentives to investors that set up facilities in these parks as also the developers. “We have recommended these to the finance ministry and, if accepted, they could benefit India’s textiles sector,” said an official.
The textiles ministry has proposed to develop seven Mega Integrated Textile Region and Apparel (MITRA) parks as part of a plan to double the industry size to $300 billion by 2025-26.
The parks are targeted to have uninterrupted water and power supply, common utilities and research and development labs.
The ministry is also pushing for a review of anti-dumping duties on some inputs such as viscose staple fibre used by the industry.
Source: The Economic Times, India Wednesday, 20 January 2021