Sunday, November 28, 2021

India to look for innovative partnerships at EXPO2020 to become preferred sourcing partner for global textile industry

India will pitch for becoming the preferred sourcing partner for the global textile industry during the textile week at the India Pavilion in EXPO2020, at Dubai, starting on November 26.

Minister of State for Textile & Railways, Darshana V Jardosh 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), 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 an 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.

Interestingly, India is recognized as one of the best sourcing destinations for garments, textiles & accessories. Textile share in India’s GDP is estimated at around 2.3% 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% investment under the automatic route in the entire textile value chain. Union Minister for Commerce and Industry, Textiles, Consumer Affairs, Food, and Public Distribution, 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 fiber 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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