24 November , 2021 Fdiindia
India Aiming To Become Preferred Sourcing Partner For Global Textile Industry
Minister of State for Textile & Railways, Darshana V. Jardosh will inaugurate the ‘Textile Week’ virtually at the India Pavilion at Expo 2020, Dubai, through which India intends to become the preferred sourcing partner to cater to the global textile industry.
The Textile Week will continue from November, 26 till December, 2. Mrs. Darshana is expected to invite global investors to invest in the Indian textile value chain and set it up as a preferred sourcing partner.
“Indian textile is world-renowned as it not only represents country’s glittering past but also matches up to the demands of the modern times. India is the world’s second-largest exporter of textile and clothing and focuses on both quality and scale of production to become the global manufacturing hub and represents an immense opportunity for global investors and buyers,” she said.
India is considered as one of the best sourcing destinations for garments, textiles and accessories. The textile industry makes up around 2.3% of India’s GDP, and is the biggest employer with close to 45 million workers.
Union Minister for Commerce and Industry Piyush Goyal has appealed to the textile industry to ‘focus on speed, skill and scale and get into innovative partnerships’. This is encouraged by the government’s liberal FDI policy, allowing 100% investment through the automatic route in the whole textile chain.
The Central government recently approved a production linked incentive (PLI) scheme worth Rs. 10,683 crore for manufacturers of fabrics and apparel in the man-made fibre segment, and domestic technical textile firms.
A distinguished delegation led by Mr. Vijoy Kumar Singh, Additional Secretary, Ministry of Textiles, Government of India, will meet with global business associations along with several other industry groups to examine potential business opportunities through investor connect initiatives.
The Textile Week will also feature a fashion show by the National Institute of Fashion Technology, India.
The meetings will also be attended by Jay Karan Singh, Trade Advisor, Ministry of Textiles, Dr. A. Sakthivel, Chairman, Apparel Export Promotion Council, Dhiraj Rai Chand Shah, Chairman, The Synthetic & Rayon Textiles Export Promotion Council, Chandrasekaran Thuvarapalayam Visvanathan, Chairman, Handloom Export Promotion Council, Umar Hammeed, Chairman, Carpet Export Promotion Council, M.A. Ramaswamy, Chairman, Powerloom Development and Export Promotion Council among others.
READ ALSO :