India Wants To Become A Global Center Of Textile Production

India wants to become a global center of textile production through the PLI scheme: PM Modi.

Prime Minister Narendra Modi said on Wednesday that the Production Based Incentive (PLI) scheme for the textile sector will strengthen the resolve of the textile sector as well as self-reliant India,

Through this India wants to emerge as a global hub of textile manufacturing.

At the same time, Union HM Amit Shah termed the PLI scheme as a visionary decision of PM and said that it will increase India’s dominance in the global market and create new employment opportunities in the country.

The Union Cabinet on Wednesday approved a Rs 10,683 crore PLI scheme for the textiles sector.

The Prime Minister said in a tweet, ‘Our textile sector plays an important role in the economy.

To give further impetus to this and strengthen our resolve to make a self-reliant India, the Union Cabinet has approved the PLI Scheme for the Textile Sector.

In another tweet, he said, “PLI scheme will strengthen women empowerment and accelerate the progress of aspirational districts.”

Regarding the increase in MSP, the Prime Minister tweeted, ‘Taking another big decision in the interest of farmer brothers and sisters, the government has approved an increase in MSP for all Rabi crops.

This will ensure maximum remunerative price for the grain donors, but will also encourage sowing of different varieties of crops.

Home Minister Shah said in a series of tweets that in the last seven years, Prime Minister Modi has taken any meaningful steps to make the textile sector self-reliant, and taking another step forward in the same direction, the Union Cabinet has approved a PLI of Rs 10,683 crore for the textile sector.

The plan has been approved. This visionary decision will increase India’s dominance in the global textile market, as well as create about 7.5 lakh new employment opportunities in the rural sector, which will further empower women especially.’

Estimated reduction in imports due to increase in the prices of edible oils, imports may remain at the lowest level in 6 years.

This year the import of edible oils may remain at the lowest level in the last six years.

Due to the Corona crisis and a record increase in prices in the international market, it is seeing a decrease for the second consecutive year.

India is the largest importer of vegetable oils and lower purchases by it could impact the prices of Malaysia’s palm oil and US soy and sunflower oil.