Want To Break Through The Limitation Of Raw Materials? India'S 100 Billion Fiber Incentive Program

The federal cabinet, presided over by Prime Minister Narendra Modi, has approved the introduction of a production linked incentive (PLI) scheme in 10 key areas to improve India's manufacturing capacity and export levels in order to achieve atmanirbhar Bharat's goals.

The PLI plan will be implemented by the relevant ministries / departments and will be implemented within the prescribed overall financial limits. Pli's final proposals for various areas will be evaluated by the expenditure Finance Committee (EFC) and approved by the cabinet. The group of secretaries is authorized to use the balance of one PLI plan in an approved area, if any, to fund another approved area. Any new areas of PLI will require cabinet re approval.

The PLI program in these 10 key areas will make Indian manufacturers globally competitive, attracting investment in core competencies and cutting-edge technology areas; ensuring efficiency; building economies of scale; increasing exports and making India an integral part of the global supply chain.

India's textile industry is one of the largest in the world, accounting for nearly 5% of global textile and clothing exports. However, compared with the global consumption pattern, India's share in the field of man-made fibers (MMF) is low. Pli plans to attract significant investment in the industry to further promote domestic manufacturing, especially MMF and technical textiles. It will be implemented by the Ministry of textiles, and the approved fiscal expenditure in five years is INR 106.83 billion.

The prime minister's call: call for the establishment of "aatma nirbhar Bharat", which envisages policies to promote efficient, fair and resilient manufacturing in the country. The growth in the production and export of industrial products has greatly exposed Indian industry to foreign competition and ideas, which will help to improve its capacity for further innovation. The promotion of manufacturing development and the establishment of an enabling manufacturing ecosystem will not only integrate it with the global supply chain, but also establish reverse linkages with the country's small and medium-sized enterprise sector. This will contribute to overall economic growth and create huge employment opportunities.