PM MITRA Parks

About

To create a world-class infrastructure for the integration of different processes involved in the textile industry, the Union Cabinet has approved the establishment of seven Prime Minister Mega Integrated Textile Region and Apparel (PM MITRA) parks.
The parks will be developed with a total spending of ₹4,445 crore over five years.
PM MITRA parks were announced in the Union Budget for 2021-22.

Significance

- PM MITRA would provide an opportunity to develop an integrated textiles value chain at one place, starting with spinning, weaving, processing/dyeing, printing, and garment manufacture.
- The core infrastructure of PM MITRA parks will include, among other things, an incubation centre and plug-and-play facility, developed factory sites, roads, power, water, and waste-water systems, a typical processing house, a common effluent treatment plant (CETP), and other related facilities such as a design centre and testing centres. Workers’ hostels and accommodation, a logistics park, warehousing, medical, training, and skill development facilities will also be available.
- The parks would be developed by a Special Purpose Vehicle (SPV) owned by the Central and State governments and would get two kinds of support.
  - Development Capital Support, aimed at helping develop infrastructure, would fund 30% of the project cost with a cap of ₹500 crore for greenfield projects and ₹200 crore for brownfield projects.
  - A separate Competitiveness Incentive Support would be limited to ₹300 crore per park.

Note: With greenfield investing, a company will build its own, brand new facilities from the ground up. Brownfield investment happens when a company purchases or leases an existing facility.

The parks are expected to generate 7 lakh direct jobs and provide indirect jobs to almost 14 lakh people.

Why in News?

Prime Minister Narendra Modi has informed that PM MITRA mega textile parks would be set up in Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, MP and UP which will boost the textiles sector in line with 5F (Farm to Fibre to Factory to Fashion to Foreign) vision.
He remarked that the PM MITRA mega textile parks will provide state-of-the-art infrastructure for the textiles sector, attract investment of crores and create lakhs of jobs.

Today Current Affairs Upsc Exam Syllabus & Previous Yearpaper.