PM MITRA Parks For The Textile Industry:
The Government of India recently announced the sites for setting up of 7 PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks for the Textile industry.
- Seven sites were chosen out of 18 proposals for PM MITRA parks which were received from 13 States.
- The Parks will come up in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh and Maharashtra.
- PM MITRA will offer the opportunity to create an Integrated Textiles Value Chain right from spinning, weaving, processing/dyeing and printing to garment manufacturing etc. at one location and will reduce the logistics cost of the Industry.
- A Special Purpose Vehicle owned by the Centre and State Government will be set up for each park which will oversee the implementation of the project.
- The Ministry of Textiles will provide financial support in the form of Development Capital Support up to Rs. 500 crores per park to the Park SPV.
- A Competitive Incentive Support (CIS) of up to Rs 300 crore per park to the units in PM MITRA Park shall also be provided to incentivise speedy implementation.
- State governments will provide a contiguous and encumbrance-free land parcel of at least 1000 acres of land.