The Ministry of Textiles has further extended the timeline for submission of applications under the PLI scheme for textiles till February 28.
This will give prospective investors more time to frame their proposals.
“Earlier the date of submission of online application under PLI scheme for textiles was up to January 31 which was extended till February 14,” a statement issued by the Textiles Ministry elaborated.
With this extension in the timeline, investors in the textile sector are now getting a total of two months to put in their final applications, which is roughly the time allowed by other Ministries under the scheme, an official told BusinessLine.
The PLI scheme for textiles, which has been allocated a budgetary outlay of ₹10,683 crore, covers 40 MMF (man-made fibre) garment items, 14 MMF fabric items and 10 technical textile items.
HSN codes notified
The fact that the item classification codes (HSN codes) for several technical textiles items were notified only in the Union Budget earlier this month is an additional justification for the extension of timeline, the official added.
“The eligible applicants may apply through online only,” the release stated.
Estimated fresh investment of more than ₹19,000 crore is likely to be attracted under the PLI scheme for textiles, per government estimates. The investments are expected to result in cumulative turnover of over ₹3-lakh crore over the next five years and generate additional direct employment of 7.5 lakh.