Mega Investment Textiles Parks (MITRA) scheme for textile sector

Why in News?
The Finance Minister has announced the launch of Mega Investment Textiles Parks (MITRA) Scheme.

About Mega Investment Textiles Parks (MITRA) Scheme

• Aim: The scheme aims to enable the textile industry to become globally competitive and boost exports. The scheme also aims to boost employment generation within the textile sector and also attract large investment.
• Main Features of the Scheme:
  • The scheme was launched in addition to the Production Linked Incentive(PLI) Scheme
  • Under the scheme, there is a plan to establish Seven textile parks over three years.
  • These textile parks will have a world-class infrastructure. They will also have plug-and-play facilities (business facilities will be available ready-made) to help create global champions in exports in the textile sector.
• Significance: The scheme will create a level-playing field for domestic manufacturers in the international textiles market. It will also pave the way for India to become a global champion of textiles exports across all segments.

Note:

• Indian textile sector is the sixth-largest exporter of textiles and apparel in the world.
• The industry is also among the top employers in the country providing direct employment to 45 million people and 60 million people in allied industries.

Source: PIB