Home / Knowledge / News / Textiles / Come, invest & make textiles in India: PM
Come, invest & make textiles in India: PM
30
Jun '17
Courtesy: PIB
Courtesy: PIB
Prime Minister Narendra Modi has today given a clarion call to global investors to “Come, invest and make textiles in India”. He said India has one of the most liberal investment policies for foreign investment in the textiles and apparel sector, and the government allows 100 per cent foreign direct investment (FDI) through automatic route in the textiles and apparel sector.
 
Speaking at the inauguration of the 3-day mega textile event Textiles India 2017, where more than 100 countries have registered their participation, Modi described India as a bright spot in the global economy. “It has emerged as one of the most attractive global investment destinations. This has been made possible by a series of sustained policy initiatives,” he said.
 
During its 3-year tenure, the NDA government has implemented more than seven thousand reforms to improve the ease of doing business. Citing examples, Modi said, “Processes have been simplified and made transparent. Government has repealed over twelve hundred outdated laws.”
 
The Prime Minister informed the international audience that as a result of his government’s reformist policies, India has moved up by thirty two places in the last two years in the Global Competitiveness Index of the World Economic Forum, which is the highest for any country. India moved up nineteen places on the World Bank Logistics Performance Index of 2016. India also moved up sixteen places on the Global Innovation Index of the World Intellectual Property Organisation in 2016. And, the country is third among the top ten FDI destinations listed by the United Nations Conference on Trade and Development. 
 
Based on the ‘Make in India’ initiative, the organised textiles industry is being infused with the mantras of ‘skill, scale, speed’ and ‘zero-defect, zero-effect’ for scaling up employment, production and exports, Modi said. “The textile sector offers significant employment opportunities. It is today, our second largest employer after agriculture. Over forty five million people are employed directly in the sector, and over sixty million people are employed in allied activities.”
 
Driven by the rising middle class, Modi said, India’s domestic market for apparel and lifestyle products, currently estimated at $85 billion, is expected to reach $160 billion by 2025.
 
Listing the various policy measures implemented by his government, he said the government has decided to provide financial help to companies in the apparel and madeups sector that hire new workers. The 12 per cent amount that an employer has to contribute to the employee provident fund would be borne by the Central government. This will enable more workers to join the formal sector.
 
The government has also found a way for fixed term employment in the apparel sector. Any worker who joins for a specific time period would get all the benefits that are available to any permanent employee. This will also help in improving condition of the workers.
 
Under the Income Tax Act too, manufacturing units in this sector that employ at least 100 people and give employment to any new worker for up to 150 days, would get tax relief. (RKS)
 

Fibre2Fashion News Desk – India


Must ReadView All

Uzbekistan, S Korea to launch textile techno park in Sept

Textiles | On 19th Feb 2018

Uzbekistan, S Korea to launch textile techno park in Sept

Uzbekistan and South Korea plan to launch a modern textile techno...

Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit

Textiles | On 19th Feb 2018

Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit

The largest global spandex producer Hyosung Corporation of South...

Courtesy: VF Corporation

Apparel/Garments | On 19th Feb 2018

VF Corp Q4 revenue climbs 20% to $3.6 billion

The revenue of VF Corporation, a global leader in branded lifestyle...

Interviews View All

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search