Textile industry update - India will be getting 7 mega textile parks

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The country's textile industry has received a big gift. Central government plans to build 7 mega textile parks in the first phase. The Ministry of Textiles on Thursday issued a notification for setting up of 7 Mega Integrated Textile Region and Apparel (PM MITRA) Parks.

New update: New Delhi, ANI.

The work of the Modi government is continuing in the direction of self-reliant India. Meanwhile, the country's textile industry has received a big gift. The Ministry of Textiles on Thursday issued a notification for setting up of 7 Mega Integrated Textile Region and Apparel (PM MITRA) Parks. It was announced in the Union Budget of 2021-22 and approved by the Central Government. The objective of the scheme is to realize Prime Minister Narendra Modi's vision of building a self-reliant India and putting India firmly on the global textile map.

5F Formula

PM MITRA is inspired by the 5F vision of the Prime Minister. The '5F' formula includes

Firm - Fibre - Factory - Fashion - Foreign

• Farm to Fiber;
• fiber to the factory;
• factory for fashion;
• Fashion for foreigners.

This will help further the growth of the textile sector in an integrated economy. No other competitive country has a complete textile ecosystem like ours. India is strong in all the five F's. PM Mitra Park is envisaged to help India achieve UN Sustainable Development Goal 9 ("Building Resilient Infrastructure, Promoting Sustainable Industrialization and Fostering Innovation").

MITRA (Mega Investment Textiles Region and Apparel Park) is a park scheme. There is a plan to build a textile park near the ports. With the launch of this scheme, exports are expected to improve.

What is Textile Park?

India is the world's sixth largest exporter of the textile industry. The aim is to improve export ranking in this sector through Textile Park. Under the Integrated Textile Park Scheme of the Ministry of Textiles, 59 textile parks have been approved in the country. Under this, many factory units will be set up at one place and facilities for all the basic things related to the textile industry like production, market linkage are available.

The government develops it keeping in mind the international standards. The purpose of such a park is to bring in large investments in the textile sector. These parks have integrated facilities for the textile industry. Along with this, there is a system to minimize the loss in transportation. These have modern infrastructure, common facilities besides research and development labs.

$200 billion business expected by 2025

According to the central government, the turnover of the textile industry in the country is $ 45 billion and it is expected to grow to $ 200 billion by 2025. The Integrated Textile Park Scheme (ITPS) was launched by the Central Government in 2005 under the 10th Five Year Plan.