Govt approves setting up of 7 Mega Integrated Textile and Apparel Parks
Govt approves setting up of 7 Mega Integrated Textile & Apparel Parks; announces Productivity-Linked Bonus for Railway employees
The Union Cabinet approved the setting up of seven Mega Integrated Textile Region and Apparel (PM MITRA) Parks with a total outlay of four thousand 445 crore rupees over five years.
In a Briefing, Textiles Minister Piyush Goyal said, the move is inspired by the Five-F vision of Prime Minister Narendra Modi which is Farm to Fibre to Factory to Fashion to Foreign.
PM MITRA Park will be developed by a Special Purpose Vehicle which will be owned by State Governments and the Government of India in a Public-Private Partnership Mode. The Master Developer will not only develop the Industrial Park, but also maintain it during the concession period.
The SPV, in which the State Government has a majority ownership, will be entitled to receive a part of the lease rental from developed industrial sites and will be able to use that for further expansion of the textiles industry in the area.
The Union Government will also provide a fund of 300 crore rupees for each PM MITRA Park to incentivize manufacturing units to get established.
The Cabinet also approved the Productivity Linked Bonus equivalent to 78 days’ wage for eligible non-gazetted Railway employees excluding RPF or RPSF personnel for financial year 2020-21.