• UGI USER
  • Mar 22, 2023
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PM MITRA Parks For The Textile Industry

News: The locations for the construction of 7 PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks for the textile sector were recently declared by the Indian government.

Out of the 18 applications for PM MITRA parks that were received from 13 States, seven locations were chosen.

Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra will all have their own parks.

PM MITRA will provide the chance to establish an integrated textiles value chain, encompassing everything from spinning, weaving, processing/dying, and printing to garment production, among other activities, all in one place, which will lower the industry’s logistical costs.

For each park, a Special Purpose Vehicle controlled by the federal and state governments will be established to supervise project execution.

The Park SPV will receive financial assistance from the Ministry of Textiles in the form of Development Capital Assistance up to Rs. 500 crores per park.

To encourage prompt implementation, a Competitive Incentive Support (CIS) of up to Rs 300 crore per park will be given to the units in PM MITRA Park.

A contiguous, free of encumbrances land piece of at least 1000 acres will be provided by the state governments.