Centre approves setting up of 7 PM MITRA Parks | Daily Current Affairs 2021
1xbet 1xbet bahisno1 bahsegel casino siteleri ecopayz güvenilir bahis siteleri canlı bahis siteleri iddaa marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis marsbahis restbet canlı skor süperbahis mobilbahis marsbahis marsbahis marsbahis marsbahis

Centre approves setting up of 7 PM MITRA Parks

Posted by
Subscribe for News Feed
PM MITRA Parks

PM MITRA Parks: The Union Cabinet recently gave its approval to set up seven PM MITRA parks.

Note: PM MITRA parks stands for “Mega Integrated Textile Region and Apparel” parks.

Key Highlights:

  • This initiative been approved to accomplish the vision of Prime Minister Narendra Modi to establish Atmanirbhar Bharat.
  • The announcement to establish such parks was made in Union Budget 2021-22.
  • This move seeks to help India to stand at par with Global textile giants.

Key Points:

  • PM MITRA parks will be set up with an outlay of Rs 4445 crores in five years.
  • The sites of the park will be selected by a Challenge Method based on objective criteria.
  • PM MITRA parks will be based on the 5F vision of the Hon’ble Prime Minister. The ‘5F’ Formula consists of Farm to Fibre to Factory to Fashion to Foreign.
  • These parks will be set up at Greenfield and Brownfield sites in different States.
  • The parks will be established by a Special Purpose Vehicle which will be owned by the State Government and Government of India in a Public-Private Partnership (PPP) Mode.
  • The Master Developer will develop and also maintain the park during the concession period. 

Government Support under this scheme:

The various support provided by the Government under this scheme are:

  • Rs 300 crore of Competitiveness Incentive Support (CIS)will be provided to investors who are setting up production facilities to incentivize manufacturing units to get established.
  • For a Greenfield Park ‘developer’, the centre will provide 30% of Capital Support from the Project Cost, with a cap of ₹ 500 Cr.
  • For a Brownfield sites ‘developer’, the centre will provide 30% of Capital Support from the Project Cost, with a cap of ₹ 200 Cr.
  • Apart from this, the developer will get a 25-year lease of the park, and this could be extended by another 25 years.

Aim:

  • The scheme aims to create a world-class industrial infrastructure that would attract cutting-edge technology and boost FDI and local investment in the sector.

Significance:

  • PM-MITRA Parks will offer an opportunity to create an integrated textile value chain right from weaving, spinning, printing, processing/dyeing to garment manufacturing in one place.
  • The establishment of these parks will benefit unemployed with seven lakh direct jobs as well as 14 lakh indirect jobs.

Which states are interested in establishing these parks?

  • Till date, 10 states have shown their interest in establishing the PM MITRA parks namely, Punjab, Odisha, Assam, Gujarat, Rajasthan, Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Madhya Pradesh.

Subscribe for News Feed