With an investment of ₹70,000 crore over the next five years, the government hopes to establish itself as a destination for textile sourcing and investment through its seven Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) parks, according to textile secretary Rachna Shah. Foreign direct investment (FDI) is something the government is trying to get through PM MITRA and a few other programmes.
“We are optimistic that seven PM MITRA parks will become hubs for the textile industry, enlisting the aid of international investors to make investments in India and procure textiles from there,” stated Shah. The ministry is also concentrating on expanding its presence in the expanding field of technical textiles. Currently, India is exporting technical textiles, including medical apparel, to the tune of $ 2.5 billion and we are working to take it to $10 billion in the next 5 years, the secretary said. The textile ministry is organising Bharat Tex 2014, a first-of-its-kind mega textile show, in February to attract global players to invest in the sector and source textiles.
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India is a major force in the silk industry and the second-largest producer of cotton. The main advantages that we will highlight to the world to draw foreign direct investments into the industry are the availability of raw materials, skilled labour, and technological advancements, according to Shah.
The international textile extravaganza is slated to take place at Yashobhoomi and Bharat Mandapam in New Delhi from February 26 to 29.
“We are pitching Bharat Tex 2024 as a global mega textile event with a very large international participation. About 3,500 exhibitors, over 3,000 international buyers, and 40,000 business visitors are expected to participate in the show” Shah added
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Additionally, the government is contacting each state to present its distinct product catalogue to international consumers. To obtain their participation, foreign embassies in India have also been involved.
A group of export promotion councils launched the industry-led BharatTex initiative, with the Ministry of Textiles providing support.
The whole power of Indian textiles, including handlooms, handicrafts, traditional weaving, etc., would be on exhibit for attendees to see.
