The government's move will give a huge boost to the textiles sector
New Delhi: The government on Wednesday announced a Rs 10,683 crore Production Linked Incentive Scheme (PLI) for the textiles sector, which will help boost domestic production. The scheme will directly create more than 7.5 lakh jobs and also create millions of jobs in its supportive activities. The payment of these incentives sanctioned for the textiles sector will be spread over a period of five years. The decision was taken at a meeting chaired by Prime Minister Narendra Modi. It costs Rs 10,683 crore for ten segments including MMF, Apparel, Fabrics and Ten Segments or Technical Textiles Products. The government estimates that the PLI scheme will bring in over Rs 15,000 crore in investment and a total turnover of over Rs 3 lakh crore. The Production Linked Incentive Scheme announced for textiles is part of the announcement of the scheme for a total of 13 sectors at a cost of Rs 1.97 lakh crore during Budget 2021-22. Due to the PLI scheme announced for these 13 sectors, the countr...