Published on 2/11/2022 10:26:48 AM | Source: Accord Fintech

Government considering second phase of PLI scheme for textile sector: Piyush Goyal

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The minister for textiles and commerce and industry Piyush Goyal has said the government is considering the second phase of the Production Linked Incentive (PLI) scheme for the textile sector to help the industry compete with top exporting countries like China and Vietnam.

The minister instructed officials of the ministry to undertake extensive and exhaustive stakeholder consultations before finalising the contours of PLI 2.0. He asked them to make PLI 2.0 robust and emphasised that PLI 2.0 would empower the sector to compete globally with top exporting countries like China, Vietnam.

Besides, he stated Textile industry has immense potential to accelerate job creation, exports and growth. He emphasised that the textile sector's USP (unique selling point) should not be restricted to cheap labour; workers should be paid well and given social security. Moreover, he acknowledged the textile sector's inherent capability to create employment and drive both growth and exports and said that textiles was one of the sectors identified by Prime Minister Narendra Modi as an indsustry with immense potential.