As part of the Centre’s efforts to position India as a fully integrated, globally competitive manufacturing and exporting hub for the sector, an announcement to set up mega textile parks has been made by Finance Minister Nirmala Sitharaman in Budget 2021.
“A scheme of mega investment textile parks will be launched in addition to the PLI scheme,” Sitharaman said. She added that 7 mega textile parks will be launched in three years as part of the scheme.
The mega textile parks will have integrated facilities and quick turnaround time for minimizing transportation losses, eyeing big-ticket investments in the sector.
“The development of seven mega textile parks over the next three years should help the Indian textile and apparel sector become globally competitive, lead to more investments and thereby create employment opportunities. This announcement in addition to the Rs 10,683 crore earmarked under Production Linked Incentive scheme is expected to reduce the higher transaction costs and transportation losses associated with textile exports, which have been eroding its competitiveness over time,” said Neeraj Bansal, COO- India Global and Leader – Supply Chain Re-alignment, KPMG in India.
“The announcement to set up 7 mega textile parks with plug-and-play facility in 3 years will unlock the potential of new markets for development and provide an impetus to real estate assets, including logistics and warehousing,” said Anuj Puri, Chairman – ANAROCK Property Consultants.
The textile ministry had recently said a scheme and a Mega Integrated Textile Region and Apparel (MITRA) Park, in over 1,000 acres of land with state-of-the-art infrastructure, common utilities and Research and Development (R&D) lab, are under consideration.