PM MITRA Parks Scheme

Why in news?

Recently, the Prime Minister of India has laid the foundation stone for the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) Park in MP's Dhar district of Madhya Pradesh.

• Aim - To develop large-scale, integrated textile industrial parks, creating modern infrastructure for the entire textile value chain (spinning, weaving, processing, garmenting) at one location.
• To create world-class textile industrial infrastructure to attract investments and create nearly 20 lakh direct and indirect jobs.
• Announced in - 2021.
• Launched by- Ministry of Textiles.
• Type of fields - MITRA parks can be either Greenfield or Brownfield.
  • Greenfield Sites - New independent sites will be developed under this category.  
  • Brownfield Sites - Sites with partly developed industrial trunk infrastructure and other intended facilities will be taken up for completing the development.
• Seven PM MITRA Parks are being established at in states including Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra.
• Public-private partnership - Special Purpose Vehicle (SPV) with a 51% equity shareholding of the State government and 49% of the Centre, SPV will be formed for each park.
• Capital Support - The Ministry of Textiles will provide financial support in the form of Development Capital Support up to Rs. 500 crore per park to the Park SPV.
• Competitive Incentive Support (CIS) – Up to Rs 300 crore per park to the units in PM MITRA Park.
• Logistics Cost Reduction - By co-locating all stages of the textile industry, the parks will significantly reduce logistics costs for businesses.
• Plug and Play Facilities - The parks will offer an excellent infrastructure, plug and play facilities, as well as training and research facilities for the industry.
• Benefits - The PM MITRA Parks are intended to boost the Indian economy with attracting cutting-edge technology and investments, creating employment and lower logistics costs for manufacturers.

Quick facts

References

1. Times of India | PM MITRA Parks Scheme
2. PIB | PM MITRA Parks