PM MITRA Parks To Attract Large Investments & Huge Employment
Expeditious implementation of seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks will help in attracting large investments besides generating huge employment.
During inauguration of Bharat Tex 2024, Prime Minister Narendra Modi threw light on plans to create seven PM MITRA parks in various states and underlined the emphasis on the creation of opportunities.
The parks are coming up in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh and Maharashtra.
Nearly Rs 70,000 crore investment and two million employment generation is envisaged through these parks.
The Textiles Ministry is overseeing these projects and a special purpose vehicle (SPV) owned by the centre and state governments is being set up for each park, which will oversee implementation of the projects.
“PM MITRA parks seek to address the traditional as well as emerging challenges that the textiles industry has been facing for a long time,” Mithileshwar Thakur, Secretary General, AEPC said.
“These parks will bring together the entire textile value chain under one roof deriving inspiration from the PM’s 5F vision — farm to foreign via fiber, fabric, and fashion,” he added.
“Integration from spinning, weaving, processing, dyeing, printing and garmenting in these parks will lead to substantial reduction of logistics cost,” Thakur stated.
“This park will not only attract investments, including FDI, but also create huge employment opportunities in the sector,” he informed.
The parks will see provision of all utilities like, reliable power supply, water availability, wastewater disposal system, and an effective single window clearance for all the regulatory approvals.
The textiles ministry will provide financial support in the form of the development capital support up to Rs 500 crore per park to the SPV.
“The PM MITRA scheme has been one of the pioneering initiatives for capacity building and attracting new investments,” Chairman of Confederation of Indian Textile Industry (CITI) Rakesh Mehra also said.
“The scheme mandate rightly captures the industry’s requirements for cluster-based production with value chain presence and hub and spoke models aimed at each PM MITRA park,” he too added.
