OCTOBER 20249INDIA'S TEXTILE BUSINESS TO REACH $350B BY 2030, POWERED BY PM MITRA & PLIASCENT CIRCUITS ALLOCATES RS 650 CRORE FOR NEW PCB FACILITY IN HOSURIndia's textile industry is projected to reach 350 billion dollars by 2030 with a forecasted investment of over Rs 90,000 crore expected to be channeled through the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) scheme within the next 3-5 years, as announced by the textiles ministry."India's textiles sector is set for significant expansion, with an 11% year-on-year growth in readymade garments of all textiles exports...signaling a bright future," the reference figures are made to the August export.Seven parks have been given the green light under the MITRA program nationwide, with each park expected to attract investments totaling Rs 10,000 crore. These parks are anticipated to generate around 100,000 direct positions and 200,000 indirect job prospects.The ministry announced, "PLI Scheme, with a total projected investment of over Rs 28,000 crore, projected turnover of over Rs 2 lakh crore," emphasizing the goal to generate more than 250,000 jobs by enhancing the manufacturing of manmade fiber (MMF) clothing, technical textiles, and fabrics to aid the textile industry increase its operations.The ministry also mentioned that the growing number of investment decisions in the pipeline are "healthy portents for the industry." The subsidiary of the listed company Amber Group, Ascent Circuits, announced that it plans to invest Rs 650 crore in establishing a printed circuit boards (PCBs) manufacturing unit in Hosur, Tamil Nadu. The company specified that this cutting-edge PCB facility will fortify local productionof vital parts as India found its presence in semiconductor and chip substrates."The new facility will employ advanced manufacturing technologies to produce a wide range of PCBs, from single-sided to complex multilayer and specialty circuits," an Amber Group spokesperson mentioned in the report. "Further, this facility will also create a direct and indirect employment opportunity for more than 1,000 people in the state," he added.The factory will have the capability to produce up to 840,000 square meters per year once both phases of construction are completed. It will encounter the increasing requirements in India's automotive, telecom, industrial, defense, and aerospace industries.In the quarter ending June 2024, Amber Group saw a 96 percent rise in standalone profit, amounting to Rs 44.31 crore. Income from operations increased by 45 percent compared to the previous year, reaching Rs 1,739.89 crore. In January, Amber Group purchased a 60 percent share of the south-Indian company Ascent Circuits Pvt Ltd, thereby turning it into a subsidiary of Amber Group.
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