UAE Business: India eyes $2.5bn fresh investment in textiles sector – Gulf Digital News

UAE Business: India eyes $2.5bn fresh investment in textiles sector – Gulf Digital News

The ‘Textile Week’ kicked off yesterday (November 26) at the India Pavilion in Expo2020 with the country looking at a fresh investment of Rs19,000 crore ($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, stated Minister of State for Textile & Railways Darshana V Jardosh in a video message.

 

"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 noted.

 

She pointed out that 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