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 what 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. The secretary told Mint that India currently exports technical textiles, including medical garments, for $2.5 billion, and that goal is to reach $10 billion in the next five years. The first-ever mega textile show, Bharat Tex 2014, is being held in February by the Textile Ministry with the aim of luring global businesses to invest in the industry and source textiles.
We are a major force in the silk industry and the second-largest producer of cotton. Our main advantages that we will highlight to the globe in order to draw foreign direct investments into the industry are the availability of raw materials, skilled labour, and technical advancements.
The international textile extravaganza is slated to take place at Yashobhoomi and Bharat Mandapam in New Delhi from February 26 to 29.
We are presenting Bharat Tex 2024 as a massive international textile event that will take place all over the world. It is anticipated that the event will draw over 40,000 business visitors, 3,500 exhibitors, and over 3,000 foreign customers.
Additionally, the government is contacting each state to provide their own distinct product inventory to international consumers. In order to obtain their cooperation, foreign embassies in India have also gotten involved.
A group of export promotion committees launched the industry-led BharatTex programme, with the Ministry of Textiles providing support.
