South Korea's financial watchdog said some of the country's largest brokers misrepresented risky China-linked structured products to retail investors, and it is considering penalties and a ban on sales. Regulators plan to take action after reviewing compensation offers from the financial firms involved, the Financial Supervisory Service said. An investigation uncovered poor regulatory compliance and systematic failures regarding the sale of products linked to the Hang Seng China Enterprises Index. "The mis-selling cases we announced today [Monday] were not just a deviation by individual firms but were common among most banks that were investigated," Lee Se-Hoon, senior first deputy governor at the FSS, said. Losses are estimated to total 5.8 trillion won (HK$34.6 billion) at the index's current levels. The potential losses will be the latest blow to the structured products market in Korea after the 2015 China stocks crash, the 2016 Brexit surprise and the 2020 oil market slump.  

Prime Minister Sheikh Hasina today (March 14) asked all concerned to invent new jute goods and explore overseas markets  to expedite the possibilities of building a developed and prosperous 'Sonar Bangladesh' by exporting the golden fibre abroad. "Invent new jute products and explore new markets to boost export as there is a huge market for eco-friendly products at home and abroad," she said.  The Textiles and Jute Ministry organised the inaugural function at the Bangabandhu International Conference Centre (BICC) here coinciding with the National Jute Day. The prime minister said this while inaugurating six jute mills and the Multipurpose Jute Product Fair-2024 at Bangabandhu International Conference Centre (BICC) in the capital on the occasion of the National Jute Day.  The prime minister said when many jute mills were unprofitable. We closed them down and gave the workers a fair share. 

Multi-year supply-chain investigations have revealed extensive global ties to the forced labor of Uyghurs, in products both from the sea and from the land. Research published in 2023 shows that the global seafood industry, and the global supply of gold, are both linked to the Chinese government’s state-imposed forced labor. The reports that uncover these chains of hidden complicity are like a gift to a suffering people. The research makes it clear that a wide range of businesses must take urgent action to stop complicity. On October 9, 2023, The Outlaw Ocean Project, in collaboration with The New Yorker, released “The Uyghurs Forced to Process the World’s Fish,” an investigation that sheds light on the use of forced Uyghur labor in the seafood industry in China, with implications for the US and other countries. Two days later, on October 11, C4ADS published a report titled “Fractured Veins,” highlighting mining in East Turkistan, aka the Xinjiang Uyghur Autonomous Region (XUAR), and its entanglement with international finance, global supply chains, investment and commodity markets.  Together, both reports highlight a new range of products that are affected by forced labor that new regulatory bodies must act on, to eliminate in global supply chains. The mining and seafood investigations are only the latest, following more than 20 other supply-chain investigations published since 2019. A full list has been compiled by the Coalition to End Forced Labour in the Uyghur Region.  Uyghur Forced Labor in the Seafood Industry “The Uyghurs Forced to Process the World’s Fish” is the result of four years of painstaking research. Ocean Outlaw director Ian Urbina and a large team of researchers showed incredible persistence, and cross-checked information using multiple research methods, to be able to uncover the hidden story of Uyghur forced labor in seafood processing plants.  Two Uyghur researchers, Zubayra Shamseden and Yalkun Uluyol, assisted with Uyghur-language analysis and interpretation, as part of the multi-national, multi-lingual team that contributed to the results.   The paper emphasizes the importance of the Uyghur Forced Labor Prevention Act (UFLPA), a pivotal piece of legislation passed by the US Congress in 2021. This law determines that goods sourced in the Uyghur Region are products of state-imposed forced labor and are therefore banned from entering the US market. The UFLPA also places the onus on suppliers and importers to prove they are not connected to forced Uyghur labor, shifting the burden of proof from accusers to those in the supply chain. While the law has led to the detention of over a billion dollars’ worth of goods from the Uyghur Region, the seafood industry, which is a significant contributor to US imports, has so far largely evaded sanction.  The lack of free access to East Turkistan for foreign journalists, along with extensive censorship on the Chinese internet, makes it difficult to gather information on Uyghur labor conditions. To counteract this, the Outlaw Ocean research team analyzed internal company newsletters, local news reports, trade data, satellite imagery, and videos posted on social media platforms by the workers themselves to gather information and track the experiences of Uyghur laborers. This is a noteworthy investigative approach effective in overcoming the challenges to traditional on-the-ground reporting.  The information obtained through these methods reveals that a significant number of Uyghur workers have been sent to work in seafood-processing factories in Shandong Province in eastern China, over a thousand miles from East Turkistan. Further, cases of individuals being sent to work by coercive means, including detention and family pressure, are common. Several seafood companies in China have employed more than a thousand Uyghur laborers since 2018, according to the Outlaw Ocean research. These companies have actively contributed to the shipment of over 47,000 tons of seafood to the US. It’s alarming that despite these companies’ practice of using forced Uyghur labor, many have passed audits conducted by leading global inspection firms.  Companies implicated in using forced Uyghur labor often rely on claims of compliance with labor standards and regulations. This involves creating an appearance of conformity through self-assessment questionnaires and by sometimes misleading auditors during inspections. Auditors often rely on pre-announced inspections for which employers can prepare, leading to the concealment of Uyghur workers. This approach is a severe deficiency in the current audit systems for detecting and addressing forced labor practices.  The report also raises concerns about the effectiveness of certification bodies, such as the Marine Stewardship Council, in ensuring the ethical sourcing of seafood. Even certified companies were found to be involved in forced labor practices, showing an urgent need for reform in certification procedures.  The sheer complexity of seafood supply chains is a significant factor in the concealment of labor abuses. Numerous handoffs and subcontracting make it challenging to trace the origins of seafood, thus allowing companies to exploit these complexities to their advantage.  To stop these practices, there is a need for regulatory changes, in particular, expanding and strengthening the federal Seafood Import Monitoring Program. Companies in China and their US buyers should provide detailed labor information, adding a layer of accountability to the supply chain.  The report references investigations into working conditions in various other industries, emphasizing that the problem of forced labor is not unique to seafood. This suggests that more sectors, including seafood, need to be scrutinized to ensure human rights and labor standards are upheld. The global scope of the issue underlines the need for a unified international response. The role of consumers and advocacy groups in pressuring companies to take responsibility for their supply chains cannot be understated. Public awareness and outcry can force companies to conduct more rigorous due diligence.  Uyghur Forced Labor in the Mining Industry The Center for Advanced Defense Studies’ (C4ADS) report “Fractured Veins” discusses the exposure of the global mining industry to global supply chains and investments, revealing the involvement of large state-owned corporations and their subsidiaries. The report is one in a series of C4ADS reports on global business links to the Uyghur genocide. C4ADS researchers also deserve great respect and appreciation from Uyghurs. One C4ADS analyst, Nicole Morgret, was previously a researcher and author of numerous UHRP reports. On December 26, 2023, the Chinese government placed sanctions on Ms. Morgret and two other Americans. The Foreign Ministry announced that the sanctions were a response to actions that “damaged” China’s “legitimate rights and interests of officials and businesses.”  C4ADS immediately issued a statement, standing by its reporting and re-emphasizing its commitment to “combating the illicit networks that perpetrate and facilitate human rights violations around the world, including in the Uyghur region.” UHRP also issued a press statement the same day. UHRP’s executive director, Omer Kanat, said in response to the retaliatory action by the Chinese government: “Attempts to censor and intimidate credible researchers … only demonstrates the desperation of the Chinese government to shut down critical voices.”  Using publicly available mining licenses and corporate data to create a comprehensive map of the mining industry in East Turkistan, C4ADS analysts were able to connect these mines to their ultimate owners. This mapping is a crucial starting point for understanding the complex web of corporate ownership and supply chain connections. It reveals a significant aspect of the mining industry in East Turkistan: That while mining licenses are often held by companies registered within the region, these companies are frequently subsidiaries of large state-owned corporations, some of which are headquartered outside of the Uyghur Region.  The involvement of powerful state-owned entities in the region’s mining sector is how major Chinese mining companies have obtained accreditation from respected international industry bodies. Mapping the mining industry in China by connecting mines to their beneficiaries is key to unraveling the puzzle since these accreditations mislead global buyers and investors into believing that the gold is sourced responsibly, thus further facilitating potential human rights abuses. The report also describes extensive global supply chain connections, showing that major US companies like Mattel, Macy’s, Tesla, Apple and NVIDIA are directly or indirectly linked to suppliers that source gold from East Turkistan-located mines with risk indicators of forced labor. Such connections could potentially breach international guidelines particularly for US importers, under the provision of the UFLPA, as well as OECD responsible sourcing standards.  C4ADS underscores how major asset management firms’ portfolios include companies that own mines in East Turkistan connected to forced labor and human rights violations. This not only puts these firms at risk but also their clients, including institutional investors and individuals, who might inadvertently become implicated in human rights violations.  C4ADS’ work is a comprehensive analysis of the complexities of the mining industry’s global reach and its potential ethical, legal, and financial consequences. More importantly, it recognizes that gold mines are just one facet of a broader issue, as the Uyghur Region’s mining sector produces various globally traded minerals.  The report calls for the reduction of capital flows to Chinese mining companies that are involved in human rights abuses in East Turkistan and emphasizes the pivotal role that stakeholders, including corporate buyers, sellers, investors, regulators, policymakers, and law enforcement, have in diminishing these flows. Uyghur Forced Labor on Land and Sea The Outlaw Ocean and C4ADS reports provide a comprehensive view of the complex challenges associated with the forced labor of Uyghurs within distinct sectors. They underscore the need for vigilance and international cooperation to combat forced labor and human rights violations in intricate global supply chains. Whether in seafood or mining, both reports reinforce the importance of acting swiftly to protect the rights and dignity of Uyghur workers and individuals affected by these injustices.  According to Statista, a German group specializing in data gathering and visualization, China is the largest producer of seafood in the world, accounting for around 35 percent of the global fish and seafood production volume in 2021. The consumer market for fish and seafood products in China surpassed a total retail market revenue of US $80 billion in 2022 and is estimated to reach around US $130 billion in 2028. China’s production volume of fish and seafood has increased rapidly over the past few decades, from 4.5 million metric tons in 1980 to roughly 69 million tons in 2022, profiting significantly from the use of forced Uyghur labor. China is also one of the world’s top producers and reserve holders of many important minerals and metals, including critical minerals, which makes the Chinese mining industry economically and politically significant. With more than 1,500 mining operations, of which approximately three-quarters are sub-surface, the value of China’s mineral production amounted to a 1.5 percent share of the country’s GDP in 2020. The total value of metallic minerals and coal produced in China as of 2020 was nearly US $218 billion. Furthermore, China is the lead producer of gold in the world, accounting for around 10 percent of total global production.  We should not overlook how rich East Turkistan is in energy resources and how important the region therefore is to China in terms of energy security. It has the largest reserves of oil, natural gas, and coal in the PRC, with its coal reserves accounting for 40 percent of the PRC’s total. The oil and gas reserves found in the Tarim, Junggar and Turpan‑Hami basins account for around 30 percent and 34 percent of the PRC’s total reserves. In 2020, more than 40 percent of China’s energy for more than 1.4 billion of its citizens was produced by coal. As China’s energy consumption continues to increase, the mines in East Turkistan will only become more important for its economy.  The recent investigations into mining in the Xinjiang Uyghur Autonomous Region (XUAR) and the seafood industry are part of a truly alarming body of evidence that regulatory bodies must address, to eradicate forced labor from global supply chains. These efforts are essential in ensuring justice and human rights for the Uyghur community.   Source: UHRP

Jamaat-e-Islami ameer Sirajul Haq has announced countrywide protest from Friday against recent unjustified price hike in petroleum products. In a statement from Mansoora on Wednesday, he not only condemned increase in price but also asked caretaker Prime Minister Anwarul Haq Kakar to take the decision back to show sympathy towards the poor already crushed under the heavy burden of IMF dictated price hike. 'There has been no cabinet yet, but the killing decision has been taken at the direction of the IMF,' he said, adding that the nation just celebrated 76th Independence Day and the very next day, when even the cabinet has not yet sworn in, the caretaker government has announced massive hike in all petroleum products prices without any justification.  The Jamaat-e-Islami, he said, was expecting the caretakers would provide some relief to the inflation-hit masses rather they endorsed the policies of the predecessors. He said over half of the country’s population lives below poverty line, having no access to even basis needs of life, he added. The two percent ruling elite on the other side, he added, captured the wealth and resources of the 98 percent population. There was need to undo injustice, cruelty and unfair distribution of resources, he said, adding the only way to achieve these objectives was a peaceful democratic struggle.  'The Jamaat-e-Islami invites the entire nation to come out and join hands with it coming Friday to protest against this decision. The JI would take out protest rallies on all district headquarters in the country against atrocious act by the government,' he warned. He also condemned violence in Jaranwala and demanded transparent inquiry into the incidents. He said no one should be allowed to take law into hands. He said enemies were hatching conspiracies to create law and order situation in the country. Meanwhile, Pakistan Markazi Muslim League (PMML) has strongly condemned the successive surge in petroleum product prices orchestrated by the interim government. PMML General Secretary Azam Ch expressed grave concern over the escalating cost of living, stating that these incessant price hikes are pushing the common man further into the depths of poverty. Source: The News

For the fiscal year 2023-24, Finance Minister Abu Hena Mohammad Mustafa Kamal proposed a budget the national budget of total TK. 7,61,785 crore. Tax added newly in this budget on several products compared to the previous year.  Finance Minister Mr. Mustafa Kamal has proposed the budget imposing value-added tax (VAT) or excise duties on several goods and services, which may lead to an increase the price on this products. As a result, car, construction materials, land and flat registration, cigarettes, basmati rice, cashew nuts, gold, dates, cement, rod, LP gas cylinder, travel expense, plastic household product, refrigerator, fan and air conditioner, tableware, kitchenware, tissue, napkin, soft drinks, oven, pen, and eyeglasses may increase. This is the 52nd budget of Bangladesh. It is the fifth budget for Finance Minister AHM Mustafa Kamal. Finance Minister highlighted the changes in tax on various products in the proposed budget. The proposed budget provides various facilities for essential goods to control inflation, along with discouraging the luxury goods import to safeguard foreign exchange reserves. During the budget session, Finance Minister mentioned, "The overall deficit (excluding grants) in this budget is TK. 2,61,785 crore, which is equivalent to 20% of GDP. In the revised budget of the current fiscal year, the overall deficit was BDT 2,027,507 crore, which is 10% of GDP.

Finance Minister Abu Hena Mohammad Mustafa Kamal revealed the national budget of total TK. 7,61,785 crore for the fiscal year 2023-24 in the national parliament.  On Thursday, June 01, Finance Minister Mustafa Kamal presented the proposed national budget under the chairmanship of the National Parliament Speaker Shirin Sharmin Chaudhury and in the presence of Prime Minister Sheikh Hasina. In this budget, finance minister proposed the price reduce of several items including sweets, soap, shampoo, meat, and agricultural products. To encourage local production, it has been proposed to reduce 10-15% custom duty and supplementary duty on local product. This can lead to decrease of locally produced LED bulb and socket price. In the proposed budget, a 5% VAT exemption has been granted on sales made by e-commerce companies.  As a result, their delivery charges will be reduced. In the budget, the government can give duty concession on raw materials import for the production of more medicines and medical equipment. Raw materials import for anti-cancer and anti-diabetes drugs will be brought under duty waiver. The locally produced agricultural machinery and machinery manufacturing equipment price may come down due to the tariff concession in budget. It may reduce or exempt the import duties on luxury foreign apparel in this budget. According to NBR, customs duty on these products can be reduced from 20-25% to 5-10%.  As a result, if the duty on luxury clothes is reduced, then these clothes will be available at lower prices. NBR sources said, "In order to boost local production and support further development of related industries, government may continue VAT exemption on raw materials for Menstrual pad and diapers till June 30, 2024. The 5% VAT facility of soap and shampoo raw material may be extended for one more year. In this year's budget, there may be a proposal to bring meat and meat products into the category of daily commodities. The main objective is to reduce the price of products that are beyond the reach of the lower and middle class.  Income tax on these goods may be reduced 7% to 2%.  

Commerce Minister Tipu Munshi on Thursday said that the number of family cards of the state-run Trading Corporation of Bangladesh (TCB) would be increased considering the selling of essential items among the mass people at subsidized rates. Commerce Minister said this while inaugurating the sale operations of essentials of TCB as the chief guest at Tejgaon in capital Dhaka marking the Holy Month of Ramadan. "Ours such kind of operation aims at delivering essentials among one crore families at affordable price. Such essentials would be sold ahead of Ramadan. The prices of commodities have increased worldwide putting an impact on the local market also.  Considering the interests of the mass people, the Prime Minister has been trying her best to sell essentials among the commoners at an affordable price. We're working to this end" he said.  He informed that such operations of TCB would continue until March 30 while efforts are there so that the family card holders get their essential items at ease side by side there is distribution of more cards. Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh, TCB Chairman Brig Gen M Ariful Hasan, Dhaka North City Corporation 25 number ward councilor Abdullah Al Monjur were present, among others, on the occasion. Marking the Holy Month of Ramadan, some one crore families across the country including Dhaka are getting five essential items at subsidized rates from today. These items are edible oil, sugar, dates, chickpeas and lentil. The operations will be conducted in two phases while the first phase was inaugurated today. Under the operation, the price of per kg sugar is Taka 60, per kg lentil is Taka 70, per litre soybean oil is Taka 110, per kg chickpeas is Taka 50 while per kg dates is Taka 100. One consumer will be able to buy highest 2 kgs of lentil, 2 litres of Soybean oil, one kg each sugar, chickpeas and dates.

Under the leadership of Prime Minister Narendra Modi, India set up a new Ministry of Cooperation on July 2021 with an objective to provide renewed impetus to the growth of the Cooperative Sector and realization of the vision from Cooperation to Prosperity. The Ministry is working incessantly for the development of the cooperative sector, in collaboration with all State Governments and other stakeholders stated the government on Saturday. In this background, a two-day Conference of State Cooperation Ministers was organized by the Ministry of Cooperation at Vigyan Bhawan, New Delhi on September 8 and 9. On an opening day, the conference began with a welcome speech by Minister of State for Cooperation, B. L. Verma and an inaugural address by the Union Home and Cooperation Minister Amit Shah. On day one of the conference, State Ministers of Cooperation, Lt. Governors of UTs and several senior officials put their thoughts forward on a number of sectors associated with Cooperation. In the two-day conference, Cooperation Ministers from 21 states and Lt. Governors of 2 UTs, Gyanesh Kumar, Secretary (M/o Cooperation, Government of India), Vijay Kumar, Additional Secretary and Central Registrar of Cooperative Societies, Chief and Addl. Chief Secretaries, Principal Secretaries and the Registrar of Cooperative Societies of the States/UTsshared their views and suggestions for strengthening the cooperative sector. All States/UTs made presentations and shared their best practices amongst themselves, informed the Ministry release. Deliberations were held on various important themes including - National Cooperation Policy, National Cooperative Database, New Proposed Schemes of Ministry of Cooperation viz. PACS in every Panchayat, Export of Agro-based and other products, promotion and marketing of Organic Products, expansion of Co-operatives to New Areas. Further, Subjects related to PACS and Model Bye-Laws including PACS Computerization, Action Plan for Revitalization of defunct PACS, Model Bye-Laws of PACS were also discussed along with issues related to Primary Co-operative Societies regarding prioritizing long-term financing, Milk Co-operative Societies and Fish Cooperative Societies etc. NCDC being a leader in cooperative financing informed about the prospects and avenues of lending to the Cooperative sector, with facilitation through its Regional Directorates across States. Shri Gyanesh Kumar, Secretary, (Ministry of Cooperation, Government of India) highlighted the strength of the Cooperative movement in the Country and requested States to adopt the state of art Software along with up-to-date hardware under the Project on computerization of PACS, as approved by the Government of India. Further, to give a boost to the export of Cooperatives, the Ministry is facilitating the registration of a National Level Cooperative Export House under the MSCS Act 2002, that will work in close coordination with the Union Ministry of External Affairs and Union Ministry of Commerce to harness the export potential of nearly 30 Crore people associated with the Cooperative movement. The Secretary (Cooperation) also briefed about the Multi-State Cooperative Society being registered for production, procurement, branding and marketing of Organic products and Quality Seeds. He further conveyed that the Ministry of Cooperation has been taking action to ensure that cooperatives are treated at par with the other economic forms. The conference concluded with the resolve of all stakeholders to work together for giving impetus to a cooperative-based economic model in the country to realize the mantra of Sahkar Se Samaridhi. Source: ANI

Bangladesh witnessed a healthy growth trend in the export of agricultural products during the July-November period of current fiscal year (FY22), fetching $556.46 million.   The export of agricultural products sees a 24.37 percent growth during this five-month period compared to the same period of the previous fiscal year (FY21).   The export of agricultural products during the July-November period of the last fiscal year was $447.42 million, according to the latest statistics of the Export Promotion Bureau (EPB).   Such export of agri products crossed the $1 billion landmark for the first time in the last fiscal year while such healthy trend is also continuing in the current fiscal year.   The government has set a target of exporting $1,109.20 million from agricultural products in the current fiscal year.   According to the EPB statistics, the notable exportable items include vegetables, tea, flower, fruits, various types of spices, tobacco and dry food.   But, out of those, Bangladesh has attained notable progress in export of dry food. These include biscuits, chanachur, cakes, potato crackers and pea nuts.    Bangladesh Agro Processors Association (BAPA) said the processed food items enjoyed the lion share of $1 billion agricultural products exports in the last fiscal year.   Some 500 industries in the country are related to the processing of agricultural products while 20 of those are large and medium industries and 100 of those are related to export.   Talking to BSS, Commerce Secretary Tapan Kanti Ghosh said that the government has been providing tax rebate and 20 percent cash incentives on export of agricultural and processed food.   As a result, the export of agricultural goods has been witnessing uptrend over the last four years.    "The entrepreneurs of this sector have started exporting newer items considering the demand of the global market which is also putting a positive  impact on the export volume," the secretary said.   Tapan said due to the Covid-19 pandemic, the demand for agricultural and processed food has increased globally.    "The government wants the entrepreneurs to seize this opportunity and the government will extend necessary support in this regard," he said.   The notable exportable processed food items include bread, biscuits, dry food, fruit juice, various types of spices, soft drinks and jam, jelly.   Out of those, the local companies fetched $88.6 million from the export of bread and dry food during the July-November period of the current fiscal year.   The main export destinations of Bangladeshi agricultural items are European Union, Middle East and Gulf region while the expatriate Bangladeshis and the South Asian nationals living in those countries are the major consumers of such products.   Bangladeshi processed foods are being exported to some 145 countries of the world.   Among the local conglomerates, PRAN Group has been performing largely as well as they exported items worth $340 million in the last fiscal year. After beginning their export in 1997 to France, PRAN Group's export destinations has now expanded up to 145 countries.   The major exportable items of PRAN Group are fruit drinks, soft drinks, biscuits, sauce, noodles, jelly, spices, aromatic rice, potato crackers, chanachur, spicy puffed rice.   Talking to BSS, Director (Marketing) of PRAN RFL Group Kamruzzaman Kamal said that many people around the world have brought changes in their food habit due to the pandemic.    "As a result, people are now diverting to cost-efficient food like dry food. For this, the export of agricultural products crossed $1 billion mark in the last fiscal year," he said.   Apart from technological advancement as well as production of quality products, the government's policy support like tax rebate and cash incentives  are playing an important role in export boom of agricultural products, he added.   Noting that the export of processed food would increase in the coming days, he said considering this the farmers of the country would have to be more  production oriented to boost export.   Kamal said various tariff and non-tariff barriers are still there in the way of exports while strong government initiatives are needed to address those. Source: BSS AH

Hours after the government approved Production Linked Incentive (PLI) scheme for textiles, Union Minister Piyush Goyal on Wednesday, lauded this scheme and hoped that with this, India has the capacity to make high-quality products at competitive prices. Appreciating this scheme, the Union Minister said, "PLI (Production Linked Incentive) scheme (for textiles) has been conceptualised to make India truly competitive and bring economies of scale and high-quality production to India." "Textile sector has seen that, over last many years, we have grown largely in cotton, wool, silk - tradition textiles. But when it comes to man-made fibre or technical textiles, India relatively remained behind. We don't have much of a stake in the world market," the Union Minister said. The Union Minister stressed that, with this scheme, the effort is to promote this industry in India and attract large-scale investments. "Today two-third of international trade is of technical textiles and man-made fiber. Our effort is to promote that industry in India, attract large investments where Rs 100 crore plus or Rs 300 crore plus are invested in India, create about 7.5 lakh direct jobs -indirectly it'll be more," he said. Goyal said, "I think this will help India become a global player as well as give India the capacity to make high-quality products at competitive prices." Taking steps forward towards the vision of an 'Aatmanirbhar Bharat', the Government led by Prime Minister, Narendra Modi, has approved the PLI Scheme for Textiles for MMF Apparel, MMF Fabrics, and 10 segments/ products of Technical Textiles with a budgetary outlay of Rs 10,683 crore, as per the official release by the Cabinet. PLI scheme for Textiles is part of the overall announcement of PLI Schemes for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of Rs. 1.97 lakh crore. With the announcement of PLI Schemes for 13 sectors, minimum production in India is expected to be around Rs. 37.5 lakh crore over 5 years and minimum expected employment over 5 years is nearly 1 crore. Source: ANI