: Indian Texpreneurs Federation suggests changes in PLI 2.0 for textiles #finance #StockMarketNEWS Indian Texpreneurs Federation suggests changes in PLI 2.0 for textiles Coimbatore, Oct 7 (KNN) The

Indian Texpreneurs Federation suggests changes in PLI 2.0 for textiles #finance #StockMarketNEWS
Indian Texpreneurs Federation suggests changes in PLI 2.0 for textiles Coimbatore, Oct 7 (KNN) The Indian Texpreneurs Federation (ITF) in an interactive meeting in Coimbatore on Thursday decided to submit their suggestions to the government on the proposed Production Linked Incentive (PLI) 2.0 scheme for textile sector on October 20, 2022.

The ITF conducted two rounds of discussions with its members and has joined hands with KPMG to discuss the scheme with the potential investors of the region and submit its suggestions to the government.

According to Prabhu Dhamodharan, convenor of ITF, at least 25 companies that manufacture garments or home textiles in the western districts of Tamil Nadu are expected to invest under the scheme, when it is implemented. These will make investments in the Rs 15 crore or Rs 30 crore brackets.

“There are conditions such as minimum number of machines to be installed. This cannot be common for home textiles and garment sectors. The government should allow the entrepreneurs to choose the machinery,” he said.

Dhamodharan further highlighted that the average size of apparel units in Tiruppur and home textile units in Karur is Rs 20 crore to Rs 30 crore annual turnover. With several buyers looking at China plus one approach for sourcing, there are huge opportunities for Indian exporters. The units need scale, competitiveness, and specialisation to tap the opportunities.

The proposed scheme will benefit small and medium-scale industries that want to scale up and invest in modern machinery.

The Central government announced a PLI Scheme for textile sector in September last year and approved 64 applications for production of manmade fibre apparel, fabrics, and 10 product lines in technical textiles. The total outgo for the scheme is envisaged to be Rs 6,400 crore of the total allocation of Rs 10,683 crore. (KNN Bureau)