Optimum utilization of FDI ensured for Indian textile sector

Resurgence has been witnessed in the Indian textile sector with the introduction of Foreign Direct Investment (FDI). Maximum utilization of FDI has been ensured by the textile minster and his ministry. The government is providing grants under market access initiative and market development assistance scheme for this purpose.

Various schemes like Technology Upgradation Fund Scheme (TUFS), Scheme for Integrated Textile Parks (SITP), Integrated Skill Development Scheme (ISDS), Scheme for development of Technical Textiles, and Schemes for the development of the Powerloom Sector etc. have been implemented in the textile sector.

India had shipped $ 36.69 billion worth during 2013 showing an upward trend of 11.58 percent. Textile, clothing and handicrafts worth $ 34.93 billion were shipped during April-March, 2012-13.

Exports of clothing and textiles roped in foreign currency inflows of $ 35.42 billion during April-May, 2014-15, up 12.75 % from $ 31.62 billion during 2012-13. Figures obtained from Foreign Trade Statistics of India and Directorate General of Commercial Intelligence and Statistics (DGCIS), Kolkata, the exports of clothing and textiles stood at $ 32.94 billion in 2011-12.

Foreign direct investment (FDI) of worth $199 billion was also made in India’s textile sector in the financial year 2013-14. Especially for the period April-May 2014, the country’s textile sector attracted FDI worth $ 11.70 million

The textile ministry beckons a positive shift in India’s textile export. The industry continues to gain help as the government explores new markets by holding exhibitions in the Russian Federation, Israel, Eastern Europe, Latin American countries and other non-traditional markets.