The Minister of State for Textiles Darshana V. Jardosh has said that India is looking at a fresh investment of Rs. 19,000 crore (US $ 2.5 billion) in the textile sector. In its message for the ‘Textile Week’ at the India Pavilion in Expo2020, the Minister said that the textile industry will showcase India’s rich cultural heritage during the week and deliberate on key initiatives taken by the Government to create an ecosystem for the country to become a preferred sourcing partner for textile and clothing.
“The present-day Indian textiles not only reflect the glittering past but also cater to the demands of modern times. Indian textile industry is one of the largest in the world, with a large raw material base and manufacturing strength across the value chain,” she noted.
Addressing the gathering at the event, Vijoy Kumar Singh, Additional Secretary, Ministry of Textile (MoT) said, “Despite a decline in total trade of textile & apparel sector during 2020-21, growth in textile and apparel trade reflected an encouraging trend in 2021-22 (April-Sept) with an increase of 69 per cent, and the same stood at US $ 24 billion.”
“India has a huge potential to grow in the textiles and apparel sector. The focus is on skills up-gradation, financial assistance and integrating the sector with the latest technology,” he said.
Outlining the Government initiatives, Jay Karan Singh, Trade Advisor, MoT said, “The aim is to attract fresh investment of Rs. 19,000 crore and create an additional 0.75 million direct jobs in the textile sector in coming years.
It is pertinent to mention here that with the recently announced major schemes like PLI and MITRA, the Government is geared up to attract investment in textile sector.
At a global investor summit, organised as a part of the ongoing ‘Textile Week’ at the India Pavilion in Expo 2020 Dubai, MoT officials and industry stakeholders highlighted Dubai’s role as a great platform for the Indian textile industry to target the Middle East and North Africa (MENA) markets and beyond.