New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi today increased MSP for all rabi crops for the marketing season of 2022-23. Apart from this it also approved the highest ever fair and remunerative price of Rs 290/quintal for sugarcane farmers.
The government hiked wheat MSP by Rs 40 to Rs 2,015 per quintal for 2021-22 crop year.
The increased 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 a production-linked incentive (PLI) scheme for specific segments in the textiles sector.
“Union Cabinet has approved Production Linked Incentive (PLI) scheme for Textiles. Incentives worth Rs 10,683 crores will be provided over 5 years,” said Union Minister Anurag Thakur, reports ANI.
The cabinet has approved the PLI scheme for textiles for MMF (man-made fibre) apparel, MMF fabrics, and ten segments/products of technical textiles with a budgetary outlay of ₹10,683 crore that will be provided over 5 years.
“So far, we have primarily focused on cotton textile. But 2/3 share of the international textile market is of man-made & technical textile. This PLI scheme has been approved so that India can also contribute to the production of man-made fibers,” said Union Minister Piyush Goyal.
"We hope that this decision will produce some global champions. The factories based around aspirational districts or Tier-3 & Tier-4 cities will be given priority. It will especially benefit Gujarat, UP, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana, etc", said Piyush Goyal.
PLI scheme for textiles is part of the overall announcement of the scheme for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of ₹1.97 lakh crore.
This scheme is a step towards making India self-reliant and the scheme will focus on the production of man-made fiber and technical textiles along with cutting down imports.
The government is hoping that incentives offered under the PLI scheme will create a select group of world-class global champion companies which have the potential to grow and build global value chains.