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Business Standard
3 days ago
- Business
- Business Standard
Textile ministry reopens PLI scheme for MMF, tech textiles till Aug 31
The Ministry of Textiles on Friday announced that it will invite fresh applications under the Production-Linked Incentive (PLI) scheme for the textiles sector, following requests from industry stakeholders. 'In view of the requests from the industry stakeholders, the Ministry of Textiles has decided to reopen the Production Linked Incentive (PLI) scheme portal for inviting fresh applications from interested companies under the PLI Scheme for Textiles for MMF apparel, MMF fabrics and products of technical textiles,' the ministry said in a statement. The application portal will remain open till 31 August. The announcement comes at a time when the United States (US) has imposed a 50 per cent tariff on Indian imports. A 25 per cent tariff took effect on 7 August, with an additional 25 per cent set to kick in from 28 August. Labour-intensive sectors such as textiles are expected to be among the worst hit. All terms and conditions, as notified earlier through the respective scheme guidelines, will continue to apply for the fresh round of applications. 'The Ministry urges all interested companies to take advantage of this opportunity and submit their applications within the specified period,' the statement added. The Centre had approved the PLI scheme for textiles in September 2021, with a budgetary outlay of ₹10,683 crore over five years, aimed at boosting the production of man-made fibre (MMF) apparel and fabrics, among other categories. So far, the Centre has approved 80 applicants under the scheme. During the current financial year, the government aims to disburse ₹500 crore as incentive under the PLI scheme. Over five years, the scheme is expected to attract fresh investments of more than ₹19,000 crore and create over 750,000 jobs. MMFs include viscose, polyester and acrylic, which are made from chemicals. Technical textiles, on the other hand, are new-age materials used in the production of personal protective equipment (PPE) kits, airbags and bulletproof vests, and also find applications in sectors such as aviation, defence and infrastructure. The textiles ministry had first released the scheme guidelines in December 2021. However, the government initially received only 64 applications, with total investment commitments of around ₹6,000 crore. Some industry players informed the government that they were hesitant to invest in the proposed textile categories due to lack of expertise. Since its launch, progress under the PLI scheme for textiles has been tepid. Last year, a Cabinet Secretary-led committee flagged the shortfall in investment progress during FY24 in three of the 14 PLI sectors, including textiles.
United News of India
3 days ago
- Business
- United News of India
Indian semiconductor market expected to hit USD 110 billion by 2030
New Delhi, Aug 8 (UNI) India is emerging as a major force in the global semiconductor race, with its market projected to skyrocket from USD 38 billion in 2023 to an impressive USD 100–110 billion by 2030. Globally, the semiconductor industry is on track to hit the USD 1 trillion milestone within the same period, and India is set to claim a sizable share of that growth. Driving this surge is a perfect blend of rising domestic electronics demand and ambitious government initiatives such as the India Semiconductor Mission (ISM), Production-Linked Incentive (PLI), and Design-Linked Incentive (DLI). Industry experts highlight India's strong potential to strengthen all three key pillars of the semiconductor supply chain — equipment, materials, and services. With a vibrant MSME sector ready to support equipment needs, abundant mineral and gas resources for manufacturing, and a robust service industry, India is well-positioned to fuel the global chip ecosystem. From advanced R&D to logistics, big data analytics, cloud computing, and Internet of Things (IoT) integration, the country's booming service sector could prove to be a game-changer. As the digital era demands more chips than ever before, India's semiconductor story is shaping up to be one of the defining industrial transformations of the decade. The impressive growth of the Indian semiconductor industry is also driven by the Indian Semiconductor Mission (ISM) approved by the Union Cabinet in December 2021. ISM is intended to build a strong semiconductor and display ecosystem and position India as a global hub for electronics manufacturing and design. Countries such as Taiwan, South Korea, Japan, China, and the US have a major share of the global semiconductor industry. Taiwan is the most dominant player as it produces more than 60 per cent of the world's semiconductors. UNI SAS PRS
Time of India
4 days ago
- Business
- Time of India
'Global powers will always bully us unless ……......' Zomato CEO reacts to Trump's tariff on India
In the wake of US President Donald Trump's decision to double tariffs on Indian imports, Zomato CEO Deepinder Goyal delivered a forceful response that struck a nerve across India's business and tech communities. Taking to X (formerly Twitter), Goyal warned that global powers will continue to 'bully' India unless the country takes its destiny into its own hands. Citing trade pressures and geopolitical double standards, he urged India to rise as an unapologetic superpower, not just in economy and technology, but in ambition. The post has since gone viral, fueling debate on India's global role and economic strategy. Deepinder Goyal calls for a national mindset shift Goyal's reaction came amid growing tensions between India and the US, following Washington's move to impose a 50% tariff on certain Indian goods. The decision, reportedly tied to India's continued import of Russian oil, was framed by US officials as a response to strategic misalignment. In his statement, Goyal noted that such global "reminders" happen regularly — 'a threat here, a tariff there' — all reinforcing the idea that India should "stay in its lane." But instead of reacting with resentment, he urged Indians to respond with ambition. He argued that the only path forward is for India to unapologetically become the largest superpower, not only economically, but also in defense, technology, and self-belief. The sentiment resonated widely, sparking a wave of support across X. One user commented, 'It's not about retaliation, it's about evolution.' Another said, 'We've been modest for too long. It's time to lead.' Goyal's post was hailed for framing ambition itself as a strategic imperative, an economic philosophy rooted not in dependence or appeasement, but in self-determination. From digital echo to economic action: Transforming adversity into opportunity Beyond social media, Goyal's words ignited a broader discussion on India's internal readiness. Industry voices emphasized that this moment, much like the 1991 economic crisis, could serve as an inflection point. There were renewed calls to double down on reforms: improving ease of doing business, strengthening local manufacturing, reducing reliance on imports, and expanding PLI (Production-Linked Incentive) schemes. Experts also pointed to the need for smarter trade policies, especially around tariff rationalization on raw materials, to help Indian products compete globally. Tourism was flagged as an underutilized engine of growth, with suggestions to build secure, clean, and visa-friendly travel corridors to generate forex and soft power. The post, while brief, catalyzed a national mood shift, from defensive reaction to offensive vision. As one user wrote, 'We can't just keep playing catch-up. We must set the pace.' Goyal's message reminded many that global recognition is not granted; it must be seized. His closing thought captures the broader takeaway: 'If we want the world to stop bullying us, we need to stop acting like we're afraid of our own potential.' AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
4 days ago
- Business
- Time of India
Anand Mahindra reacts to Trump's tariffs: "India should seize this moment like 'Amrit' from a global Manthan"
In the wake of US President Donald Trump's move to double tariffs on Indian imports, industrialist Anand Mahindra has called for a bold and strategic response from India. Drawing a powerful analogy from Indian mythology, Mahindra urged the nation to extract 'Amrit', opportunity and growth, from the 'Manthan' or global churn caused by escalating trade wars. He emphasized that instead of viewing the tariffs as a setback, India should treat them as a catalyst for internal reforms, economic acceleration, and a repositioning of its global image as a trusted investment destination. Reforms, not reactions: What Anand Mahindra suggests India must do According to Mahindra, incremental reforms are no longer sufficient. He emphasized the need for India to radically improve its ease of doing business, beginning with a truly functional single-window clearance system for all investment proposals. While acknowledging that states control many investment-related regulations, he proposed forming a coalition of willing states that align with a central national platform to demonstrate India's ability to move with speed, simplicity, and predictability. Such measures, Mahindra believes, will not only help neutralize the impact of tariffs but also transform India into a magnet for global capital. In a world where trusted partnerships are in high demand, India has a unique opportunity to present itself as a dependable, long-term destination for investors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Use an AI Writing Tool That Actually Understands Your Voice Grammarly Install Now Undo Unleashing the power of tourism as a forex engine Mahindra also flagged tourism as a massively underutilized asset in India's economic strategy. He called for the urgent need to accelerate visa processing, improve infrastructure for foreign visitors, and create dedicated tourism corridors around existing hotspots. These corridors, he said, must prioritize security, sanitation, and hygiene to attract international travelers and serve as templates for other regions. Tourism, Mahindra argued, has the potential to generate enormous foreign exchange, boost local employment, and revitalize India's image on the world stage if treated as a strategic sector. A broader economic agenda for resilience and growth Mahindra did not stop at investment and tourism. He laid out a broader framework aimed at ensuring long-term economic resilience. Key priorities include liquidity support for MSMEs, acceleration of infrastructure investment, and a manufacturing push through the enhancement and expansion of the PLI (Production-Linked Incentive) schemes. He also urged policymakers to rationalize import duties, especially those on raw materials and components critical to manufacturing, to help make Indian products globally competitive. Learning from unintended global consequences In his remarks, Mahindra highlighted how other countries are using the global tariff war to address long-standing economic inefficiencies. Germany, for example, is rethinking its fiscal orthodoxy, opening doors to greater defense and infrastructure spending, while Canada is making efforts to break down long-standing internal trade barriers. These examples, he suggested, show how external pressure can trigger internal transformation. For India, the question is whether it can also use this moment of global churn to create positive, long-term consequences for its own economy. Turning adversity into advantage Mahindra concluded his remarks with a message that balanced realism with optimism. Acknowledging that nations like the US will always prioritize their own interests, he stressed that India should be no different. The goal, he said, should not be to complain but to adapt, reform, and rise. 'Just as the 1991 forex reserves crisis triggered liberalization,' Mahindra wrote, 'can today's global manthan over tariffs yield some 'amrit' for us?' His call to action was clear: let India use this moment to shape its own destiny intentionally, ambitiously, and decisively.
Hans India
04-08-2025
- Business
- Hans India
TG emerging as an international handloom hub: Kishan Reddy
Hyderabad: Union Minister G Kishan Reddy has underlined that the Centre, under Prime Minister Narendra Modi, has actively promoted the textile sector through the 'Make in India' programme and is implementing the '5F' strategy: Farm to fibre, fabric, fashion, and foreign markets. In his speech, after inaugurating a week-long festival to celebrate National Handloom Day on Sunday, he observed that the handloom sector had experienced consistent growth over the past 11 years. According to him, this sector currently contributes 2.3% to the country's GDP, with 13% of industrial production and 12% of exports coming from handloom products. As a result, India has become the sixth-largest exporter of handloom and textiles worldwide, with exports valued at Rs. 3 lakh crore for the 2023-24 period. The Modi government aims to increase this figure to Rs. 9 lakh crore by 2030. Additionally, comprehensive support is being provided through the Production-Linked Incentive (PLI) scheme. The Union Minister emphasised the crucial role of the handloom and textile industry in India's economy, stating that it provided employment to millions and significantly boosted foreign exchange reserves. After agriculture, the handloom sector generated the most jobs, employing approximately 5 crore individuals, both directly and indirectly. Through the National Handloom Development Project (NHDP), the central government supported handloom weavers by providing marketing opportunities in international markets and developing essential infrastructure, the Minister said. Additionally, subsidised loans were available to weavers. The Modi government also offered a monthly pension of Rs. 8,000 to national and state award-winning weavers, along with scholarships of Rs. 2 lakh per year for the children of weavers interested in pursuing higher education in the textile field. Additionally, efforts were being made to recognise weavers by offering them support to participate in both domestic and international exhibitions. 'Approximately 20 handloom workers from Telangana showcased our weaving art at expos in Australia, Germany, Italy, and the United States. Consequently, local handloom workers gained valuable insights into the global market and how to promote our products.' All told, Telangana was emerging as an international handloom hub, with its weaving prowess gaining worldwide recognition. The state had over 17,000 handloom weavers and about 48,000 associated workers, who were essential to the handloom sector. Their artistry was evident in products such as Pochampally Ikat, Gadwal sarees, Narayanapet cotton sarees, Siddipet Gollabhama sarees, Telia Rumal, and Warangal carpets, all of which had attained Geographical Indication (GI) tags and international acclaim. The accomplishments of Telangana's handloom workers, who had successfully brought the state's art to a global audience, 'are a source of pride for all of us'. To further promote this progress, Prime Minister Modi was encouraging weavers, he said. The Secunderabad MP mentioned that the Centre proposed creating seven world-class PM-MITRA parks (PM Mega Integrated Textile Region and Apparel) across the country and the one allocated to Telangana would significantly benefit the region. The Kakatiya Mega Textile Park in Warangal was expected to attract investments exceeding Rs 10,000 crore and create employment opportunities for 2 lakh people, directly and indirectly. Moreover, due to Modi's initiatives, 100 electronic jacquards had been distributed in Telangana, and 31 handloom producer companies had been established, Kishan Reddy stated. The government was quickly implementing programs to revive the production of Himru fabric, Pithambari sarees, and Armoor silk sarees. Clusters in Siddipet, Kamalapur, Dubbaka, and Warangal were being developed, and as part of the Samarth Skill Training Program, over 900 weavers had received training. 'We are providing assistance for adopting modern weaving methods. 'We have provided Mudra loans of Rs 70 crore to establish handlooms and support weavers. Modi is dedicated to advancing the handloom sector in every possible way,' the Minister said. Kishan Reddy urged everyone to support the handloom sector and promote handloom products. 'Only then will our culture receive the recognition it deserves, and our weavers will feel motivated to foster the pride of our nation,' he remarked.
