The Union Cabinet has approved the PLI scheme for the textile industry, announced the highest ever remunerative price for sugarcane farmers, and increased the MSP of Rabi crops.
New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi today increased the MSP for all rabi crops for the 2022-2023 marketing season. Apart from that, he also approved the highest ever fair and remunerative price of Rs 290 / quintal for sugar cane producers.
The government has increased the MSP for wheat from Rs 40 to Rs 2,015 per quintal for the 2021-22 crop year.
The increased MSP for rabi crops for the 2022-23 marketing season:
Union ministers Anurag Thakur and Piyush Goyal, at the cabinet press conference on Wednesday, also announced that the cabinet has approved the proposal for a production-linked incentive program (PLI) for specific segments. of the textile sector.
“The Union Cabinet has approved the Production Incentive Program (PLI) for textiles. Incentives worth Rs 10,683 crore will be provided over 5 years, ”said Union Minister Anurag Thakur, reports ANI.
The cabinet approved the PLI Program for Textiles for MMF (Man-Made Fibers) Garments, MMF Fabrics, and ten technical textile segments/products with a budget expenditure of 10,683 crores which will be provided over 5 years.
“Until now, we have mainly focused on cotton textiles. But 2/3 of the international textile market shares are synthetic and technical textiles. This PLI program has been approved so that India can also contribute to the production of synthetic fibers, ”said Union Minister Piyush Goyal.
“We hope this move will produce world champions. Factories based around ambitious districts or Tier 3 and 4 cities will be given priority. This will especially benefit Gujarat, UP, Maharashtra, Tamil Nadu, Punjab, in Andhra Pradesh, Telangana, etc, ”said Piyush Goyal.
The PLI scheme for textiles is part of the overall scheme announcement for 13 sectors made earlier in the 2021-22 Union budget, with an expenditure of 1.97 lakh crore.
This program is a step towards self-sufficiency in India and the program will focus on the production of synthetic fibers and technical textiles as well as the reduction of imports.
The government hopes that the incentives offered under the PLI program will create a select group of world-class global champion companies that have the potential to grow and create global value chains.
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