India pitches for global investment in textiles

Dubai: India will pitch for becoming the preferred sourcing partner for the global textile industry during the textile week at the India Pavilion at Dubai Expo-2020, Dubai, starting on Friday. Darshana V Jardosh, Minister of State (MoS) for Textile & Railways, will inaugurate the 'Textile Week' virtually, and is slated to invite the global investors to invest in the Indian textile value chain and make it a preferred sourcing partner.

Talking about the upcoming textile week (26th Nov – 2nd Dec), she shared, "Indian textile is world renowned as it not only represents India'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."

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 recognized as the most liberal in emerging economies, which allows 100 per cent investment under the automatic route in the entire textile value chain.

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. Interestingly, India is recognized as one of the best sourcing destinations for garments, textiles & accessories.

India's Minister for Commerce and Industry, Textiles, Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal has urged the textile industry 'to focus on speed, skill and scale and get into innovative partnerships.'