Parul
The Indian government has decided to extend the deadline for accepting new applications for the Production-Linked Incentive (PLI) scheme for textiles until December 2023, as per The Print’s report. In response to industry stakeholders’ requests, the Ministry of Textiles had previously announced the reopening of the PLI portal until August 31, 2023. This extension allows interested companies to submit fresh applications under the PLI scheme, focusing on man-made fibre (MMF) apparel, MMF fabrics, and technical textile products.
India boasts a robust textile sector, and these incentives are designed to support and strengthen its position in the global market. Technical textiles, which are materials and products prized for their technical performance in various high-end industries, have witnessed significant growth in India, both domestically and internationally. Experts anticipate that the market will double in size over the next five years.
These initiatives are aligned with the government’s Atmanirbhar (self-reliant) and Make in India initiatives, which aim to enhance the global competitiveness of Indian manufacturers, attract investments, boost exports, integrate India into the global supply chain, and reduce reliance on imports.
