The Government of India announced in the Union
Budget 2021, setting up of seven mega textile parks in the country to
position India as a fully integrated, globally competitive manufacturing and
exporting hub for the textile sector.
The 7 mega textile parks will have integrated facilities and
quick turnaround time for minimizing transportation losses, eyeing big-ticket
investments in the sector. These textile parks are expected to be completed
in the coming three years.
The government has already sanctioned 59 textile parks in
the country, out of which 22 are in operation mode. The government earlier
announced the PLI scheme,
providing production-linked incentives to manufacturers in the country. The
scheme is applicable to various sectors in the manufacturing industry,
including the textile.
All these steps are expected to boost domestic textile
industry and provide better business opportunities for the MSMEs and budding
entrepreneurs in the Indian textile industry.
Read: Best
Manufacturing Business Ideas in 2021
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