Government could set up mega parks for FDI says Textile Secretary
today Nov 5, 2019
The Government of India is considering opening around 10 “mega parks” near ports around the country with the aim of attracting foreign direct investment to the country’s businesses, said Textile Secretary Ravi Capoor.
The proposed mega parks would feature the most modern infrastructure and would work to increase India’s exports across a number of industries including apparel and fabrics, Textile Secretary Ravi Capoor said at a conference on November 4, the Press Trust of India reported. Capoor shared that state governments are already on board with the idea.
Citing competition from other countries in the global export market, Capoor believes that mega parks will increase competitiveness and even allow Indian businesses to capitalise on the ongoing China- US trade troubles. Increased technology and better facilities will encourage FDI, said Capoor.
India’s textile industry needs to create “mega brands” in order to compete better in the global export market. The Textiles Ministry is working to this aim, Capoor said. The Ministry is also considering sending a manufacturers’ delegation to Bangladesh, one of India’s greatest competitors, to encourage businesses in the country to source textiles for apparel manufacturing from India.
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