Textile sector attracts ₹27000 crore investments in 1 year

30 May '18

2 min read

After the announcement of the special textile package last year, the sector has attracted investments to the tune of ₹27,000 crore, said Union textile minister Smriti Irani. The industry is also expected to get more investment from domestic and international markets in the future. The ₹6,000-crore textile package includes tax and production incentives.

Textile commissioner’s office record has shown that investments worth ₹27,000 crore have been infused into the textile sector and the government’s intervention will bring more funds into the sector, said Irani while speaking at Texellence 2018 summit organised by CII.

The textile industry and the government are working together on a day-to-day basis, said a news agency report quoting Irani. The turnaround time for goods after production is something that the government as well as the industry has to work on. She said that a logistics department has been created as part of the commerce ministry to help reduce turnaround time.

Irani also plans to meet commerce minister Suresh Prabhu to discuss the issues faced by the textile industry as well as the WTO challenge.

The textile industry representatives have asked the Union minister to discuss free trade agreement (FTA) possibilities with the commerce ministry to increase exports as a number of India’s competitors are enjoying duty-free trade with FTAs.

The package for textile and apparel sector was introduced in June last year. (KD)

Fibre2Fashion News Desk – India

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