New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi today increased the MSP for all Rabi crops for the marketing season of 2022-23. Apart from this, the highest fair and remunerative price of Rs 290 per quintal has also been approved for sugarcane farmers.
The government increased the MSP of wheat by Rs 40 to Rs 2,015 per quintal for the crop year 2021-22.
Enhanced MSP for Rabi Crops for Marketing Season 2022-23:
Union ministers Anurag Thakur and Piyush Goyal while addressing the cabinet briefing on Wednesday also announced that the cabinet has approved the proposal for Production-Linked Incentive (PLI) scheme for specific sectors in the textile sector.
“The Union Cabinet has approved the Production Linked Incentive (PLI) Scheme for Textiles. An incentive of Rs 10,683 crore will be provided in 5 years,” said Union Minister Anurag Thakur, reports ANI.
The cabinet has approved the PLI scheme with a budgetary outlay for ten segments/products of MMF (Man-Made Fibre) Apparel, MMF Fabric, and Technical Textiles. ₹10,683 crore which will be provided in 5 years.
“Till now, we have mainly focused on cotton textiles. But man-made and technical textiles account for 2/3 of the international textile market. This PLI scheme has been approved so that India can also contribute in the production of man-made fiber,” said Union Minister Piyush Goyal.
“We are hopeful that this decision will create some global champions. Preference will be given to factories located in aspirational districts or around Tier-3 and Tier-4 cities. This will especially help Gujarat, UP, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh There will be benefits. Telangana, etc.”, Piyush Goyal said.
The PLI scheme for textiles is part of the overall announcement of the scheme for 13 sectors during the Union Budget 2021-22, with an outlay of Rs. ₹1.97 lakh crore.
This scheme is a step towards making India self-reliant and the scheme will focus on production of man-made fibers and technical textiles with reduction in imports.
The government is hoping that the incentives provided under the PLI scheme will create a select group of world-class global champion companies that have the potential to grow and build a global value chain.
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