Speed Post News Network
New Delhi : The Government has proposed a scheme of Mega Investment Textiles Parks (MITRA) to enable the textile industry to become globally competitive, attract large investments, boost employment generation and exports.
Presenting the Union Budget 2021-22 in the parliament on February 1, 2021, today, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said that this will create world class infrastructure with plug and play facilities to enable create global champions in exports. MITRA will be launched in addition to the Production Linked Incentive Scheme(PLI).
Mentioning about the need to rationalise duties on raw material inputs to man-made textile, the Finance Minister announced of bringing nylon chain on par with polyester and other man-made fibers. Announcing uniform deduction of the Basic Customs Duty (BCD) rates on caprolactam, nylon chips, and nylon fiber and yarn to 5 per cent, the Minister said that the move will help the textile industry, MSMEs and exports too.
Commenting on Mega Investment Textiles Parks, Union Textiles and Women and Child Development Minister Smriti Zubin Irani said in a tweet, “(MITRA) will be a game changer for the Indian Textiles Industry. Along with the Production Linked Incentive (PLI) scheme, MITRA will lead to increased investments and enhanced employment opportunities.”
In another tweet she said, “Emphasis on state-of-the-art infrastructure through MITRA will give our domestic manufacturers a level-playing field in the international textiles market & pave the way for India to become a global champion of textiles exports across all segments”.
