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Source: The post is based on the article “India is pioneering sustainable textiles contributing to lesser carbon footprint and promoting circular economy: Union Textile Minister” published in PIB on 26th June 2023
What is the News?
The Union Minister of Textiles has talked about the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) Scheme at the inaugural function of the 69th India International Garment Fair (IIGF) at Greater Noida, Uttar Pradesh.
What is the PM MITRA Scheme?
Where will the PM MITRA Parks be established?
How will the PM MITRA Parks be established?
MITRA Parks will be set up at key locations, as ready to move, ready to start (through plug and play facilities), with common industrial infrastructure and facilities, allowing integration of supply and value chains in a contiguous area.
The minimum estimated area per MITRA Park is 1,000 acres.
Governance: The Ministry of Textiles will oversee the execution of these parks.
– A Special Purpose Vehicle(SPV) owned by Centre and State Government jointly will be set up for each park which will oversee the implementation of the project.
Funding: The Ministry of Textiles will provide financial support in the form of Development Capital Support upto Rs. 500 crore per park to the Park SPV.
– A Competitive Incentive Support (CIS) up to Rs 300 crore per park to the units in PM MITRA Park shall also be provided to incentivise speedy implementation.
– Convergence with other Government schemes shall also be facilitated in order to ensure additional incentives to the Master Developer and investor units.
