Home / Knowledge / News / Textiles / Textile sector attracts $230mn FDI in 2015-16
Textile sector attracts $230mn FDI in 2015-16
30
Jul '16
The textile sector in India attracted foreign direct investment (FDI) of $230.13 million in fiscal 2015-16 ending March 31, registering a growth of 16.56 per cent over the previous fiscal, according to the department of industrial policy & promotion.
 
In 2014-15, the textile sector attracted $197.42 million in FDI, while it received $198.86 million in 2013-14, minister of state for textiles Ajay Tamta said in a written reply to a question in Rajya Sabha.
 
Last month, the Union government further opened up the FDI regime to provide a huge impetus to employment and job creation in the country. Post-announcement, most of the sectors are now under automatic approval route, except a small negative list, which makes India the most open economy in the world for FDI.
 
The government also relaxed local sourcing norms up to three years and a relaxed sourcing regime for another five years for entities undertaking Single Brand Retail Trading of products having 'state-of-art' and 'cutting edge' technology.
 
“Amendments to the FDI Policy are meant to liberalise and simplify the FDI policy so as to provide ease of doing business in the country leading to larger FDI inflows contributing to growth of investment, incomes and employment,” the last month's official statement said.
 
As per NAS 2015, the textile sector is amongst the largest provider of employment, and it contributed 12 per cent to manufacturing, 2 per cent of GDP and 13 per cent of the country's export earnings in 2013-14. (RKS)
 

Fibre2Fashion News Desk – India

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search