Telecom industry did not get relief package, government approved PLI for textile industry

Telecom industry did not get relief package, government approved PLI for textile industry

Today the telecom industry has been disappointed in the Union Cabinet meeting. At the same time, the Central Government has approved the Performance Linked Incentive (PLI) for the textile industry. In the cabinet meeting chaired by PM Narendra Modi, Rs 7,000 crore for manmade fiber (MMF) apparel and Rs 4,000 crore for technical textiles has been approved for PLI scheme. At the same time, the relief package for the telecom industry has not been approved. Actually, due to technical problem, the proposal related to it could not be put up for approval.

-Talks of telecom companies started declining-
The market expected that the central government can take a decision to help the telecom sector to get out of the crisis. It was believed that the new definition of AGR could be approved in today’s cabinet meet. It was expected that the central government could make a provision for companies to pay AGR only on telecom services. Along with this, a reduction in the license fee of companies was also expected. After these hopes were dashed, today the weakness in the Telecos Stocks, which is running in enthusiasm, has dominated. Shares like Idea, Bharti Airtel and Indus Tower have seen a slowdown.

-7 lakh people will get employment, exports will increase-
Giving information about the decisions of the cabinet, Union Minister Anurag Thakur said that with the approval of PLI to the textile sector, job opportunities will be created for 7 lakh people and exports will also get a boost. Man made fiber contributes only 20 per cent to India’s textile exports. Under the PLI, the incentive will be given to the textile companies on the basis of the increase in production every year. Talking about the textile industry of India, at present the contribution of cotton is 80 percent and the contribution of MMF is only 20 percent. Other countries of the world are far ahead of us in this matter. In such a situation, there is a need to promote this segment and sector. The PLI scheme will be a strong step.

-Major contribution of the textile sector to the economy-
Union Commerce Minister Piyush Goyal said that the maximum textile industry in the country gives. This sector has played a major role in our economy. Today, two-thirds of the international trade market is made of man-made textiles and technical textiles. In such a situation, India should also contribute to the entire ecosystem including fabrics, garments. For this, the PLI scheme has been approved. In order to make India a manufacturing hub, so far PLI scheme has been announced for 13 sectors. After getting approval from the cabinet, now the Ministry of Textiles will issue guidelines regarding this scheme. News Daily India