India looking at $2.5bn investment in textiles sector

India looking at $2.5bn investment in textiles sector

Dubai: The 'Textile Week' kicked off yesterday at the India Pavilion in EXPO2020 with the country looking at a fresh investment of $2. 5 billion in the sector, which would be key to a 'Self-reliant India' and becoming a preferred global sourcing partner in textiles. The textile industry will showcase India's rich cultural heritage during the week and deliberate on key initiatives taken by the government to create an ecosystem for the country to become a preferred sourcing partner for textile and clothing. In a video message, Minister of State for Textile & Railways, Darshana V Jardosh, said, "The present-day Indian textiles not only reflect the glittering past but also cater to the demands of modern times. Indian textile industry is one of the largest in the world, with a large raw material base and manufacturing strength across the value chain." She added, "To further improve the industrial ecosystem, scale, and integrated value chain, the textiles sector is a key sector that will help in building an 'Aatma Nirbhar Bharat' or Self-Reliant India." The textiles sector contributes around 2-3% to Indian GDP, 7% to Industrial output, 12% to the export earnings of India, around 11-12% to total merchandize export and