Government approves 7 PM MITRA Parks
Union Cabinet has given its approval, on October 6, 2021, to set up seven PM MITRA parks, accomplishing the vision of Prime Minister Narendra Modi to establish Atmanirbhar Bharat.
- PM MITRA parks will be set up with an outlay of Rs 4445 crores in five years.
- Announcement to establish such parks was made in Union Budget 2021-22.
- This move will help India to stand at par with Global textile giants.
About PM MITRA
PM MITRA parks stands for “Mega Integrated Textile Region and Apparel” parks. These parks will be established at Greenfield or Brownfield sites at different states. Establishment of the parks will benefit unemployed with seven lakh direct jobs as well as 14 lakh indirect jobs. Under the project, parks will be established through a special purpose vehicle, owned by state governments and Centre under a public-private partnership (PPP) model.
Which states are establishing these parks?
Till date, 10 states have shown their interest in establishing the PM MITRA parks namely, Punjab, Odisha, Tamil Nadu, Andhra Pradesh, Assam, Gujarat, Rajasthan, Telangana, Karnataka and Madhya Pradesh.
Maximum Development Capital Support (DCS) of Rs 500 crore will be provided to Greenfield PM MITRA while Rs 200 Crore will be provided to Brownfield PM MITRA, in order to develop a Common Infrastructure. Apart from that, Rs 300 crore of Competitiveness Incentive Support (CIS) will also be provided to these parks for early establishment of textiles manufacturing units there.
PM’s 5F Vision
PM MITRA initiative is motivated by PM Modi’s 5F vision of- “farm to fibre; fibre to factory; factory to fashion; and fashion to foreign”.
Category: Economy & Banking Current Affairs
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