Hindi English Translation || Editorial || Catching up: On Production-Linked Incentive scheme for textile sector

Catching up: On Production-Linked Incentive scheme for textile sector

The success of the PLI is likely to hinge on (पर निर्भर करना, आश्रित होना) how entrepreneurs (उद्यमी, व्यवसायी, ठेकदार) weigh (तौलना, विचार करना) the risk-reward equation

The Cabinet’s approval of a Production-Linked Incentive (PLI) scheme for the textile sector that is expressly (स्पष्ट रूप से, बिल्कुल) targeted at the man-made fibre (MMF) (Man-made fibres (MMF) are mainly of two types viz., synthetic and cellulosic. Synthetic fibres are produced from crude oil and cellulosic fibres are from wood pulp. The main varieties of synthetic staple fibres are polyester, acrylic and polypropylene. Cellulosic fibre is viscose fibre, modal, etc. Textiles made out of these synthetic and cellulosic fibres are called man-made fibre textiles. However, besides pure man-made fibre textiles, presently the man-made fibre and natural fibre mainly cotton blends are more popular) and technical textiles segments is a belated (विलंबित, देर में आया हुआ) acknowledgment (स्वीकृति) by the Government that the ground (ज़मीन, आधार, कारक) has inexorably (unstoppably, unavoidably, inescapably, inevitably) shifted in the global textiles trade. A relentless (दयाहीन, निर्दय) shift in consumer preferences and fashion trends saw MMF surpass (के परे होना) cotton as the fibre of choice in the 1990s, since vaulting (jump, leap, leapfrog) its share in worldwide textile consumption to about 75%. India’s textile and clothing exports on the other hand (by contrast; as an alternative/contrasting situation) have continued to remain dominated by cotton and other natural fibre-based products, with MMF having contributed less than 30% of the country’s $35.6 billion in overall sectoral exports in 2017-18. And MMF’s share remained relatively (अपेक्षाकृत, तुलनात्मक रूप से, आनुपातिक रूप से) unchanged in the last fiscal (राजकोषीय, वित्तीय वर्ष) as well when the sectoral exports were about $33 billion. While policy makers have been cognisant (aware, well informed about, familiar with) of the need to bolster (strengthen, support, reinforce/buttress) support for the MMF segment, the task of crafting (exercise skill in making something) a meaningful initiative that would engender (cause, give rise to, bring about) enhanced investment in capacity creation, leading to (नेतृत्व करने के लिए, परिणाम में, कारण) increased exports, has been a while (कुछ समय तक, कुछ समय के लिए।) in coming. Wednesday’s decision on the focused PLI scheme, with a budgeted outlay (expenditure, expenses, spending) of ₹10,683 crore, is the second time in 11 months that the Cabinet has approved what is broadly (generally, usually, commonly) the same plan, with the Government using the intervening period to incorporate amendments to the incentive (प्रोत्साहन, प्रेरणा, बढ़ावा) structure based on industry feedback.

The aim of the scheme is to specifically focus investment attention on 40 MMF apparel product lines, 14 MMF fabric lines and 10 segments or products of technical textiles. These 64 items have been chosen on account of (because of, owing to, due to, by virtue of) being among the top-traded lines in the global market as well as (and also, and in addition) India having less than a 5% share in each of them. The inclusion of intermediate products at industry’s request also reflects (think about, consider, review, mull over, contemplate) the Government’s keenness (eagerness, willingness, readiness, desire/wish) to ensure the scheme ultimately (eventually, in the end, finally) delivers on the broader policy objectives (aim, intention, purpose, target, goal). The incentives have been categorised (classify, group, rate, list) into two investment levels. Firms investing at least ₹300 crore into plant and machinery over two years for making a specified product would need to hit (reach (a particular point/level)) a minimum turnover of ₹600 crore before becoming eligible to receive the incentive over a five-year period, and at a second level an investment of ₹100 crore with a pre-set minimum turnover of ₹200 crore would enable (allow, permit, authorize, sanction, grant; prepare, facilitate) qualification for the incentive. On the face of it (apparently, seemingly, evidently/ostensibly; at first glance), the scheme appears designed (create, plan, formulate, think up) with a fair deal of thought, but its operational success is likely to hinge on how new entrepreneurs and existing companies weigh the risk-reward equation, especially at a time when the pandemic-spurred (induced/prompted by the pandemic) uncertainty (unpredictability, unreliability, riskiness/precariousness) has already made private businesses leery of making fresh capital expenditure.

Courtesy: The Hindu

Important Word List With Meaning

1.catch up (phrasal verb)

Hindi Meaning - पकड़ना, पहुँचना
English Meaning - reach, gain on, come to, succeed in reaching  (the same standard, stage, or level of others).

2.incentive (noun)

Hindi Meaning - प्रोत्साहन, प्रेरणा, बढ़ावा
English Meaning - motivation, encouragement, impetus, boost.

3.hinge on (verb)

Hindi Meaning - पर निर्भर करना, आश्रित होना
English Meaning - depend on, be based, be dependent.

4.entrepreneur (noun)

Hindi Meaning - उद्यमी, व्यवसायी, ठेकदार
English Meaning - businessman, businesswoman, business person.

5.weigh (verb)

Hindi Meaning - तौलना, विचार करना
English Meaning - consider, think about, contemplate, deliberate about, reflect on.

6.expressly (adverb)

Hindi Meaning - स्पष्ट रूप से, बिल्कुल
English Meaning - absolutely, clearly, obviously, unequivocally, unmistakably.

7.belated (adjective)

Hindi Meaning - विलंबित, देर में आया हुआ
English Meaning - late, behind time, not on time/delayed.

8.acknowledgment (noun)

Hindi Meaning - स्वीकृति
English Meaning - acceptance, admission, recognition, realization.

9.ground (noun)

Hindi Meaning - ज़मीन, आधार, कारक
English Meaning - basis, factor, rationale.

10.relentless (adjective)

Hindi Meaning - दयाहीन, निर्दय
English Meaning - constant, continuous, non-stop, unceasing.

11.surpass (verb)

Hindi Meaning - के परे होना
English Meaning - outdo, outshine, outstrip, outclass, overshadow.

12.relatively (adverb)

Hindi Meaning - अपेक्षाकृत, तुलनात्मक रूप से, आनुपातिक रूप से
English Meaning - comparatively, proportionately, somewhat, to a certain extent/degree.

13.fiscal (noun)

Hindi Meaning - राजकोषीय, वित्तीय वर्ष
English Meaning - financial year.

14.lead to (verb)

Hindi Meaning - नेतृत्व करने के लिए, परिणाम में, कारण
English Meaning - result in, cause, bring on.

15.a while (noun)

Hindi Meaning - कुछ समय तक, कुछ समय के लिए।
English Meaning - for some time.

16.man-made fibre (MMF) (noun)

English Meaning - Man-made fibres (MMF) are mainly of two types viz., synthetic and cellulosic. Synthetic fibres are produced from crude oil and cellulosic fibres are from wood pulp. The main varieties of synthetic staple fibres are polyester, acrylic and polypropylene. Cellulosic fibre is viscose fibre, modal, etc. Textiles made out of these synthetic and cellulosic fibres are called man-made fibre textiles. However, besides pure man-made fibre textiles, presently the man-made fibre and natural fibre mainly cotton blends are more popular.

17.risk-reward ratio (R/R ratio) (noun)

English Meaning - It is used to assess the profit potential (reward) of a trade relative to its potential loss (risk).

18.likely (adverb)

English Meaning - probably, in all probability, presumably, doubtlessly.

19.production-linked incentive (PLI) scheme (noun)

English Meaning - As the name suggests, the scheme provides incentives to companies for enhancing their domestic manufacturing apart from focusing on reducing import bills and improving the cost competitiveness of local goods. PLI scheme offers incentives on incremental sales for products manufactured in India. 

20.inexorably (adverb)

English Meaning - unstoppably, unavoidably, inescapably, inevitably.

21.vault (noun)

English Meaning - jump, leap, leapfrog.

22.on the other hand (phrase)

English Meaning - by contrast; as an alternative/contrasting situation.  

23.cognisant (adjective)

English Meaning - aware, well informed about, familiar with.

24.bolster (verb)

English Meaning - strengthen, support, reinforce/buttress.

25.craft (verb)

English Meaning - exercise skill in making something.

26.engender (verb)

English Meaning - cause, give rise to, bring about.

27.outlay (noun)

English Meaning - expenditure, expenses, spending.

28.broadly (adverb)

English Meaning - generally, usually, commonly.

29.base on (phrasal verb)

English Meaning - use as a basis; found, build, construct, form, establish.

30.on account of (phrase)

English Meaning - because of, owing to, due to, by virtue of.

31.as well as (phrase)

English Meaning - and also, and in addition.

32.reflect (verb)

English Meaning - think about, consider, review, mull over, contemplate.

33.keenness (noun)

English Meaning - eagerness, willingness, readiness, desire/wish.

34.ultimately (adverb)

English Meaning - eventually, in the end, finally.

35.objective (noun)

English Meaning - aim, intention, purpose, target, goal.

36.categorise (verb)

English Meaning - classify, group, rate, list.

37.hit (verb)

English Meaning - reach (a particular point/level).

38.preset (adjective)

English Meaning - prearranged, pre-agreed, pre-established, pre-planned, pre-decided.

39.enable (verb)

English Meaning - allow, permit, authorize, sanction, grant; prepare, facilitate.

40.on the face of it (phrase)

English Meaning - apparently, seemingly, evidently/ostensibly; at first glance.

41.design (verb)

English Meaning - create, plan, formulate, think up.

42.pandemic (noun)

English Meaning - the worldwide spread of a new disease; The illness spreads around the world and typically affects a large number of people across a wide area.

43.spur (verb)

English Meaning - prompt, propel, induce, impel. 

44.pandemic-spurred (adjective)

English Meaning - induced/prompted by the pandemic.

45.uncertainty (noun)

English Meaning - unpredictability, unreliability, riskiness/precariousness.

46.leery (adjective)

English Meaning - cautious, careful, circumspect, alert.

47.capital spending/capital expenditure (CAPEX) (noun)

English Meaning - the money spent on the acquisition of assets like land, buildings, machinery, equipment, as well as investment in shares.