June 17, 2024
Economy

Indian Textile Sector To Attract Investments Of Rs 95,000cr

“India’s textile industry is anticipated to attract Rs 95,000 crore investment in the following four to six years, and generate over 2.25 million additional jobs,” Union Textiles Secretary Rachna Shah said.

“This will primarily be due to the production-linked incentive (PLI) scheme and the proposed seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks,” she added.

The seven PM-MITRA parks are expected to attract investment of Rs 70,000 crore and will provide direct and indirect employment to 20 lakh people.

“While, the PLI Scheme will ensure investments totaling to Rs 25,000 crore and create 2.5 lakh additional jobs,” Shah stated.

Rachna Shah further said that government was implementing policy measures to promote the textile and apparel sector to take it from the current $154 billion to $350 billion by 2030.

According to the Textiles Secretary, 64 PLI proposals had already been approved and 12 more applications are under evaluation.

“Bharat Tex is one such effort which will help boost the textile and clothing sector to reach the targeted figure of $350 billion,” she informed.

Bharat Tex is set to be the largest global textile event which begins from February 26 and is expected to display the strengths of the industry beginning from fibres to fashion, matched only by China

The event will see participation from over 3,000 exhibitors and buyer delegations are expected to visit from several overseas countries.

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