Nov 25, 2021
India aims to be preferred sourcing partner of global textile industry
Nov 25, 2021
India will pitch for becoming the preferred sourcing partner for global textile industry during the textile week at the India Pavilion in EXPO2020, at Dubai, that starts on November 26, 2021. Minister of state for textile, Darshana Jardosh will inaugurate the ‘Textile Week’ virtually and invite global investors to invest in the Indian textile value chain.
Talking about the upcoming textile week (November 26 – December 2), Jardosh said, “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 immense opportunity for global investors and buyers.”
The ‘Textile Week’ at India Pavilion will see many activities including roundtable discussions on India as a sourcing and investment destination for textiles along with the production linked incentive (PLI) scheme, the ministry of textiles said in a media release.
India is recognised as one of the best sourcing destinations for garments, textiles and accessories. Textile share in India’s GDP is estimated at around 2.3 per cent and is the largest employer, employing about 45 million workers. India’s FDI policy is recognised as the most liberal in emerging economies, which allows 100 per cent investment under the automatic route in the entire textile value chain. Union minister for textiles Piyush Goyal has urged the textile industry ‘to focus on speed, skill and scale and get into innovative partnerships.’
The government has also recently approved a PLI scheme worth ₹10,683 for domestic technical textiles firms, and manufacturers of fabrics and apparel in the man-made fibre segment.
A high-level delegation led by Vijoy Kumar Singh, additional secretary, Ministry of Textiles, will be meeting global business federations along with various industry chambers during the ‘Textile Week’ to explore potential business tie-ups through investor connect programmes.
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