PM MITRA mega textiles parks to be set up in 7 states

PM MITRA mega textiles parks to be set up in 7 states

Recently Government of India has announced sites for setting up 7 PM Mega Integrated Textile Region and Apparel Parks (PM MITRA Parks) for the textile industry.

  • These parks will be built in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh and Maharashtra.
  • Inspired by the Prime Minister’s 5F vision (i.e. Farm to Fiber to Factory to Fashion to Foreign), PM Mitra Park is a major step towards realizing the government’s vision of making India a global hub for apparel manufacturing and exports.
  • These parks will help in enhancing the competitiveness of the textile industry, as well as attract global players in the sector to manufacture in India.
  • PM Mitra Park will help create world-class industrial infrastructure, which will attract large-scale investment, including foreign direct investment (FDI), and encourage innovation and job creation within the region.

PM MITRA Mega Textiles Park

  • The Ministry of Textiles will monitor the implementation of these projects.
  • A Special Purpose Vehicle (SPV) owned by the central and state government will be set up for each park, which will oversee the implementation of the project.
  • The Ministry of Textiles will provide financial assistance of up to Rs 500 crore per park to the Park SPV as capital assistance for development.
  • Units in PM Mitra Parks will also be provided Competitive Incentive Support (CIS) of up to Rs 300 crore per park to encourage faster implementation.
  • State Governments shall provide contiguous and encumbrance-free land of at least 1000 acres of land and reliable power supply and,
  • All utilities like water availability and wastewater disposal system, an effective single window disposal system as well as favorable and stable industrial/textile policy will be ensured.

Source – PIB

Download Our App

More Current Affairs

Share with Your Friends

Join Our Whatsapp Group For Daily, Weekly, Monthly Current Affairs Compilations

Related Articles

Youth Destination Facilities