The government has committed nearly Rs 1.97 lakh crore in the next 5 years starting FY 2021-22 to help bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth. This was proposed by Union Minister for Finance & Corporate Affairs Smt. Sitharaman while presenting Union Budget in Parliament here today.
Smt. Sitharaman said that India’s manufacturing companies need to become an integral part of global supply chains, possess core competence and cutting-edge technology to become a $5 trillion economy and for this, our manufacturing sector has to grow in double digits on a sustained basis. To achieve the above, Production Linked Incentive (PLI) schemes to create manufacturing global champions for an Aatma Nirbhar Bharat have been announced for 13 sectors, she added.
7 new Textile Parks to be launched over 3 years
In addition to PLI, the Finance Minister proposed a scheme of Mega Investment Textiles Parks (MITRA) to enable the textile industry to become globally competitive, attract large investments and boost employment generation. Smt. Sitharaman said that this will create world class infrastructure with plug and play facilities to enable create global champions in exports. 7 Textile Parks will be established over 3 years, the Finance Minister said.