The production-linked incentive scheme, or PLI, for textiles, seeks to rectify some disadvantages that India suffers vis-à-vis countries upcoming countries like Vietnam and Bangladesh by way of costlier power and labour. Last week, the Indian government selected 61 companies from a list of 67 applicants who are eligible to get incentives, if they bring in one scheme, at least Rs 300 crore of investment and achieve Rs 600 crore of turnover by the first year of performance, which is FY25.
Upendra Prasad Singh, Secretary, Ministry of Textiles, says, if India wants to make a mark in the international market, it needs to produce more MMF and technical textiles. ArvindSinghal, Chairman, Technopak Advisors, adds, India need to step up focus on the overall ecosystem to do with manmade textile. India unfortunately has a minuscule share of that particular market. It is predominantly focused on cotton
Few more steps are essential to make the PLI scheme an unqualified success, adds Singhal. He advises the Indian industry to focus on attracting the biggest companies in the world.
