Indian textiles minister Smriti Irani during a discussion at the India Economic Summit. Courtesy: World Economic Forum
India’s man-made fibre (MMF) sector can soon look forward to ‘good news’ as a inter-ministerial group (IMG) has been formed to suggest measures to maximise its potential, textiles minister Smriti Irani said today while participating in a discussion at the India Economic Summit in New Delhi.
"For the first time...there is an IMG on how to leverage our potential in MMF, how to make rates competitive, and I think you will hear good news very very soon," a news agency quoted Irani as saying. She, however, did not elaborate further.
The three-day summit ending today is jointly organized by the World Economic Forum (WEF) and the Confederation of Indian Industry (CII).
Foreign direct investment into the country's textile sector has gone up three times in the last two years, Irani said.
The textile ministry will assist 401 clusters of weavers out of 800 by offering them financial aid and support through national banks, she said adding that the power-loom sector also needs support despite being at loggerheads with the handloom sector. (DS
Fibre2Fashion News Desk – India