Govt signs MoUs with Rs 18,500 cr investment potential for seven mega textile parks

The textiles ministry announced that investment MoUs with an expected potential of over Rs 18,500 crore have been signed for the seven PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks.

These parks are designed to enhance India’s textile infrastructure, with activities underway to establish essential facilities such as water, power, and roads at the park gates. The selected states and special purpose vehicles (SPVs) are progressing well, with 100 per cent of land already acquired and handed over. Environment clearances are in place for sites in Gujarat, Uttar Pradesh, Tamil Nadu, Karnataka, and Telangana.

The government has allocated Rs 4,445 crore to set up the parks, which will feature world-class infrastructure and a plug-and-play facility. These parks are part of a seven-year plan through 2027-28 to boost India’s textile industry, which contributes 2 per cent to the nation’s GDP and employs over 45 million people.

Meanwhile, Cotton Corporation of India (CCI) has begun MSP procurement for the 2024 season, purchasing around 42.11 lakh bales worth Rs 16,215 crore. This has benefitted 7.75 lakh farmers across the country. Additionally, the Indian silk sector has seen significant growth, with employment rising to 94.8 lakh in 2023-24, up from 78.5 lakh a decade ago.