Thursday, May 9 2024 | Time 19:20 Hrs(IST)
image
Business EconomyPosted at: Sep 8 2021 11:55PM


FICCI, PHDCCI welcome PLI for textile sector

New Delhi, Sep 8 (UNI) Federation of Indian Chambers of Commerce and Industry (FICCI) and PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday welcomed the decision taken by the Centre for the textiles sector.
In a statement, Dilip Chenoy, Secretary General, FICCI, said, “It’s another major announcement for the textiles sector which would attract more investments and help India to capture significant share in large globally traded items of technical textiles and man-made textiles. Man-made and technical textiles are the growing sectors of the industry globally with immense domestic potential too. India can be a global player in these sectors with the support of PLI and would also help in creating large scale employment.”
S K Khandelia, Co- Chair, FICCI Textiles and Technical Textiles Committee, said, “The Technical Textiles segment is a new age textile, whose application in several sectors of economy, including infrastructure, water, health and hygiene, defense, security, automobiles, aviation will improve the efficiencies in those sectors. Similarly, MMF textiles are shaping up the textile’s consumption pattern across the globe. According to me, this is a crucial step towards making Indian textile manufacturing competitive and making the textile industry ready for a global footprint. By boosting domestic manufacturing and exports, I am sure that India will soon attain the status of self-reliance in the focused segments.”
Rajeev Gopal, Co- Chair, FICCI Textiles and Technical Textiles Committee, said, “Indian Textiles industry welcomes the Cabinet decision on PLI for textiles sector focused on manufacturing of MMF-based products and technical textiles. By focusing on these two high potential segments, the PLI scheme for textiles is expected to further diversify the base of Indian textiles industry. The PLI scheme would enhance India’s manufacturing capabilities by increasing investment and production in the focused segments.”
Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry, said the PLI scheme for textiles for MMF Apparel, MMF Fabrics, and t10 segments or products of Technical Textiles was a great step forward to achieve the goal of ‘Aatmanirbhar Bharat.'
''PLI for Textiles, in conjunction with RoSCTL, RoDTEP, and other government facilitated initiatives in the industry, such as providing raw materials at competitive prices, skill development, and so on, will usher in a new era in textile manufacturing,'' he said.
Mr Agarwal said the products focused on the incentive scheme would drive the textile sector in the global market, and the incentives provided in the scheme would push the growth of high value MMF segment, which would complement the efforts of the cotton and other natural fibre-based textiles industry in generating new opportunities for employment and trade.
''With a financial commitment of Rs. 10,683 crore, the Government of India has approved the PLI Scheme for textile Industry. The scheme will result in new investments of massive proportions, expand manufacturing capacities, multifold exports and would help to regain its historical position in the global textiles sector,'' Sanjay Aggarwal said.
UNI AKM JW2355
Please log in to get detailed story.
Tags: #FICCI# PHDCCI welcome PLI for textile sector
More News

09 May 2024 | 6:53 PM

New Delhi, May 9 (UNI) Airtel Africa, a subsidiary of Bharti Airtel, on Thursday reported a loss of USD 89 million for its operations in Africa, even as the total customer base grew by 9.0 percent to 152.7 million.

see more..

AI Squared acquires Multiwoven to accelerate delivery of data

09 May 2024 | 6:49 PM

New Delhi, May 9 (UNI) AI Squared, a leading technology provider for integrating information
into web-based business applications, announces its acquisition of the world’s number one
open-source Reverse ETL (rETL) company, Multiwoven. With this acquisition, AI Squared furthers its commitment to helping organizations simplify the movement of data and AI insights into business applications.

see more..

Kottayam-Kochi Rubber Market Rates

09 May 2024 | 6:31 PM

Kottayam, May 9 (UNI) Following were the Rubber Market rates announced by the Rubber Board here today per quintal
KOTTAYAM
RSS FOUR: 18050
RSS FIVE : 17800
ISNR TWENTY: 15300
SIXTY PERCENT LATEX: 13210
KOCHI
RSS FOUR : 18050
RSS FIVE : 17800
INTERNATIONAL RATES (BANGKOK)
RSS One : 18710
RSS Two : 18575
RSS Three: 18451
RSS Four : 18383
RSS Five : 18281
KUALALUMPUR
SMR TWENTY :13709($164.15)
SIXTY PERCENT LATEX : 12985($155.50)
UNI PA GNK.

see more..

Godrej Agrovet profit zooms 179 pc to Rs 65 48 cr in Q4

09 May 2024 | 6:27 PM

New Delhi, May 9 (UNI) Agri-business company Godrej Agrovet has reported a 179% year-on-year rise in consolidated net profit at Rs 65.48 crore for January-March quarter (Q4) of the financial year 2023-24.

see more..

Sensex crashes 1062 pts

09 May 2024 | 6:06 PM

Mumbai, May 9 (UNI) Extending losing streak for the third consecutive session on Thursday, the BSE Sensex tanked 1062.22 pts to settle at 72,404.17 as selling was seen across the board amid weak global cues.

see more..
image