Gokaldas Exports expects production linked incentive (PLI) scheme benefits to kick in from FY24, Sivaramkrishnan Ganapathi, managing director, told CNBC-TV18.

India’s textile sector gets a major thrust as the government has approved 61 companies for the textile production linked incentive (PLI) scheme with investments worth Rs 19,000 crore and an expected turnover of Rs 1.84 lakh crore in 5 years. The hope is to reach USD 100 billion in textile exports and create 2.4 lakh jobs in India.

He said, “PLI will really kick in in FY24. So I would not count on PLI for FY23. I think at the moment, I would say that our opportunity for FY23 is very robust. We have a fairly good order booking and I am reasonably confident that we will have a very strong growth in FY23. Over and above a strong growth in FY22 as well.”

Also Read: Government approves 61 applications under PLI scheme for textiles

According to him, PLI is expected to increase investments in man-made fibre space in India. “This was lacking in the country and the government has done the right thing by encouraging investment in this space,” Ganapathi said.

For the entire interview, watch the accompanying video

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