Textile sector to reach $250 billion in next five years, government is considering another PLI scheme for the sector: Piyush Goyal

Union Commerce Minister Piyush Goyal said that our textile sector will become a $250 billion industry in the next five years. (Image: ANI)

Union Commerce Minister Piyush Goyal said on Saturday that our textile sector will become a $250 billion industry in the next five years. He said that 40 per cent of this would be exported.

Union Commerce Minister Piyush Goyal (Piyush Goyal) Said on Saturday that our textile sector (Textile Sector) Will become a $250 billion industry in the next five years. He said that out of this 40 percent export (Export) Will be done. Goyal said that the government has taken the Kovid-19 (Covid-19 Pandemic) Has supported the textile sector throughout. He said that he has supported the sector with 20 per cent additional collateral free loans and up to five per cent interest subvention.

Piyush Goyal said in Coimbatore that Tamil Nadu is the biggest beneficiary of many schemes that have come up in the last years. He said that this state will continue to benefit from various schemes of the Government of India which support the textile sector.

Crores of jobs will be created in textile sector: Goyal

Goyal said that he is thinking of bringing another Production Linked Incentive (PLI) scheme for the textile sector soon. The Union Commerce Minister said that its details can be shared with all of you very soon.

Union Minister Goyal said that they will bring crores of jobs in the textile sector, so that people can get a better life and our farmers get better prices for the cotton they are producing. The Commerce Minister said that the textile sector plays a big role in the economy of Tamil Nadu.

Earlier in April, the government had informed that 61 proposals given by different companies under the Production Based Incentive Scheme (PLI Scheme) for the textile sector have been approved. A total investment of Rs 19 thousand crore is to be made in these proposals. According to the information released by the government, these companies include Ginni Filament, Kimberley Clark India and Arvind.

Giving information about the approval of the schemes, Textile Secretary UP Singh said that a total of 67 applications were received by the government under the scheme. Out of which 61 have been approved.

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The secretary had said that in 61 proposals, a total investment of Rs 19,077 crore has been talked about. Their estimated turnover has been given Rs 184,917 crore and 2.4 lakh people have been estimated to get employment. The government had approved PLI schemes for textile products like MMF apparel, MMF fabric and technical textiles.

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