Textile industry stocks buzzing as government clears mega textile investment park scheme
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Bombay Dyeing And Manufacturing Company is currently trading at Rs. 95.50, up by 0.50 points or 0.53% from its previous closing of Rs. 95.00 on the BSE.
Vardhman Textiles is currently trading at Rs. 1939.35, up by 44.55 points or 2.35% from its previous closing of Rs. 1894.80 on the BSE.
Raymond is currently trading at Rs. 464.00, up by 3.50 points or 0.76% from its previous closing of Rs. 460.50 on the BSE.
Union Cabinet has approved the much-awaited scheme to set up mega investment textile parks (MITRA) in India. The textile ministry will build seven on over acres in the next three years. This move will help to attract foreign direct investments (FDI) into the textile sector and generate thousand of employments.
This will create world class infrastructure with plug and play facilities to enable create global champions in exports, Union finance minister Nirmala Sitharaman announced during Budget. The Union government had said that the mega textile parks will have integrated facilities and quick turnaround time for minimising transportation losses. It will also help to position India as a fully in integrated, globally competitive manufacturing and exporting hub for the textile sector.
