PM Modi lays foundation stone for PM Mega Integrated Textile Regions and Apparel Park in Maharashtra

Context:

Prime Minister Narendra Modilaid the foundation stone for thePM Mega Integrated Textile Regions and Apparel Park (PM MITRA)in Maharashtra’s Amravati.

About PM Mitra Park

• PM MITRA Parkwill be developed by aSpecial Purpose Vehiclewhich will be owned by the Central and State Government and in aPublic Private Partnership (PPP) Mode.
• Each MITRA Park will have anincubation centre, common processing houseanda common effluent treatment plantandother textile related facilitiessuch asdesign centres and testing centres.

Implementation

• Special Purpose Vehicle:An SPV owned by the Centre and State Government will be set up for each park which will oversee the implementation of the project.
• Development Capital Support:The Ministry of Textileswill provide financial support in the form ofDevelopment Capital Support upto Rs 500crore per park to the park SPV.
• Competitive Incentive Support (CIS):A CIS upto Rs 300 crore per park to the units in PM MITRA Park shall also be provided to incentivise speedy implementation.
• Convergence with other Schemes:Convergence with other Government of India schemes shall also be facilitated in order to ensure additional incentives to the Master Developer and investor units.

Significance of PM Mitra Park

Reduce Logistics Cost

Employment

Attract FDI

Competitiveness