News Update
Textile Ministry In Its Way Of Obtaining Cabinet Nod For MITRA Scheme
-
ByStartupStory | July 23, 2021
The textile ministry is in the process of obtaining approval of the Union Cabinet for the proposed Mega Investment Textiles Parks (MITRA) scheme, under which seven such parks will be set up in the country over the next three years. The scheme was announced in Union Budget 2021-22 told Darshana Jardosh, Minister of State for Textiles. ‘Ministry of Textiles is in the process of obtaining approval of the Cabinet for the proposed scheme. Once, the proposed scheme is approved and modalities are finalized, the details of location, government funding structure etc. will be decided,’ she said in a written reply to the Lok Sabha.
In a separate reply, the minister said during the pandemic, CCI (Cotton Corporation of India) procured 20.72 lakh bales valuing Rs 5,615 crore from 4 lakh cotton farmers. However, during the entire cotton season 2019-20, CCI made a record procurement of 105.15 lakh bales (equivalent to around 546.80 lakh quintal kapas) and an amount of Rs 28,500 crore was disbursed to around 21.50 lakh cotton farmers directly into their bank accounts, she said.
‘During the current cotton season 2020-21, CCI opened more than 450 procurement centers in all cotton growing states. CCI continued its procurement of cotton under MSP operations since beginning of season to avoid the eventuality of distress sale by farmers and has procured 91.89 lakh bales so far (equivalent to around 482 lakh quintal kapas) CCI disbursed an amount of Rs 26,700 crore to around 19 lakh cotton farmers,’Jardosh said.
Also Read
-
-
Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
Follow Startup Story
