India's textile sector growing exponentially, has more potential: Smriti Irani
The textile industry is growing exponentially in the country, with FDI having tripled in three years, Union Minister Smriti Irani said on Thursday.
Jaipur: The textile industry is growing exponentially in the country, with Foreign Direct Investment (FDI) having tripled in three years, Union Minister Smriti Irani said on Thursday. The FDI flow into the sector reached USD 618.95 million in 2016-17.
However, there is still huge potential for further growth for which various efforts are being made by the Centre as well as states, the textiles minister said after inaugurating the four-day international textile and apparel fair 'Vastra'.
The minister further said the textile industry employs the second largest number of people in the industrial sector, with 45 million employed directly and another 20 million getting indirect employment.
She said concerted efforts are being made for creating further avenues by living up to the Prime Ministers vision of 'Make in India'. The government is providing skilling opportunities as well as incentives to give an impetus to the industry. The financial support to weavers under the 'Mudra Yojana' has documented evidence of the increase in income of the weaver to the tune of 50-60 percent.
Irani also appreciated the efforts of the Rajasthan government in making it a garment hub. Rajasthan Industries Minister Rajpal Singh Shekhawat said the state is a prominent textile destination in the country. He further highlighted that Rajasthan enjoys leading position in the production of polyester viscose yarn and synthetic suiting material.
Chief Secretary Ashok Jain said while the value addition and employment generation in this segment is high, the capital required is comparatively low. Promoting garment industry in Rajasthan is important as it is less water consuming.
He added that the sector is also a useful tool to leverage women empowerment as they constitute majority of the workforce in this segment.
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