The government on Tuesday issued the operational guidelines for the Production Linked Incentive (PLI) Scheme for the textiles sector with an approved outlay of Rs 10,683 crore.
An Empowered Group of Secretaries (EGoS) chaired by the Cabinet Secretary will monitor the progress of the scheme and take appropriate action to ensure that the expenditure is within the prescribed outlay.
The EGoS is also empowered to make any changes in the modalities of the scheme and address any issue related to genuine hardship that may arise during the course of implementation.
As per the prescribed norms, the scheme will be in operation from September 24, 2021 to March 31, 2030 and the incentive under the scheme will be payable for a period of 5 years only.
Any company, firm, LLP, trust willing to create a separate manufacturing firm under the Companies Act 2013, and invest a minimum Rs 300 crore, excluding land and administrative building cost, to manufacture notified products will be eligible to get the incentive when they achieve a minimum of Rs 600 crore turnover by the first performance year.
Under the scheme, FY 2024-25 will be considered as the first performance year with a minimum prescribed turnover of Rs 600 crore, according to the guidelines issued by the textiles ministry.
Also any company, firm, LLP, trust willing to create separate a manufacturing company under the Companies Act 2013, and invest a minimum Rs 100 crore, excluding land and administrative building cost, to manufacture notified products will be eligible to get incentive when they achieve a minimum of Rs 200 crore turnover by the first performance year.
The ministry will accept online applications under the scheme from January 1, 2022, through the PLI portal. The application window will remain open till January 31, 2022.
(With inputs from PTI)
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